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 $125,000 maximum. However, separately constituted subsidiaries or associated companies are recognised as distinct legal entities for deposit insurance purposes.
Frequently Asked Questions
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- 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 happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- How does the closing of an institution affect interest accruing on a deposit?
Did You Know?
- Misconception: Deposit insurance can be claimed while the member institution is still continuing in operation. - Fact: Deposit insurance is ONLY activated upon closure of a member institution.