How the DIC Calculates Insurance Payouts
The DIC considers it important that depositors are aware of how the amounts to be paid when a member institution is closed, are calculated.
Maximum Amount Insured
In the event a DIC member institution fails, all insurable deposits placed with members are aggregated (principal and interest) and insured up to a maximum of B$50,000, or such other amount as the Minister may prescribe by order, except where a depositor maintains deposits in more than one institution or in different capacities and rights. These amounts are reduced by any amounts owed by the depositor to the institution.
The term “rights and capacities” refers to the nature of the ownership of deposits with member institutions, i.e., whether they are single, joint or trust accounts.
Deposits are not insured separately in each branch of a DIC member institution. All eligible accounts maintained with different branches are aggregated and insured up to $50,000. Therefore, deposit insurance cannot be increased by depositing funds into several different accounts at different branches of the same bank.