The interest of a beneficiary in a valid irrevocable trust, is insured up to $200,000 separately from the individual accounts of the settlor, the trustee or other beneficiaries. However, all trust interests created by the same settlor (grantor) in the same institution for the same beneficiary will be added together and insured in the aggregate up to a maximum of $200,000.
Frequently Asked Questions
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
- 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?
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
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.
