No. The main office and all branches are considered to be one institution. Therefore, the accounts would be added together and insured up to the $200,000 maximum. However, separately constituted subsidiaries or associated companies are recognised as distinct legal entities for deposit insurance purposes.
Frequently Asked Questions
- What types of deposits are insured?
- What happens to those depositors whose accounts are subject to further examination?
- If two or more persons, for example a husband and wife, have, in addition to the individually owned accounts of each, a valid joint account in the same insured institution, is each account separately insured?
- What does a deposit transfer involve?
Did You Know?
- Misconception: Depositors of a failed member institution would receive payment immediately upon closure of the failed member. - Fact: The legislation governing the operations of the Deposit Insurance system provides for payout to commence within 3 months of the closure of a member institution.
