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 procedure does the DIC follow after an institution has been closed?
- When can an eligible depositor expect to receive his or her money?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
Did You Know?
- Misconception: Placing funds in any instrument offered by a member institution would be covered by the DIC - Fact: ONLY Savings Accounts (including interest), Current Accounts (including interest) and Fixed Deposit Accounts (including interest), inclusive of any outstanding balances due (uncleared deposits) to these accounts, are considered for deposit insurance coverage.