With Jamaica Deposit Insurance Corporation’s (JDIC) protection, NCB deposits are insured up to $1,200,000 per depositor for each qualifying account ownership category. This provides a safety net for your money, ensuring your deposits are secure up to the JDIC limit, regardless of economic fluctuations.
The JDIC is like a trusted guardian for your money, set up by the Government of Jamaica to fortify the country's financial system. It protects the money you deposit in chequing, savings, business, trust, and nominee accounts at regulated institutions like NCB. The Deposit Insurance Act (DIA) states that if a bank (also known as a Policyholder) cannot pay its depositors, the JDIC will step in. It will use the Deposit Insurance Fund to pay the amount that is in your account up to a limit of $1,200,000. Your JDIC coverage starts the moment you open an account with us.
The JDIC offers coverage of up to $1,200,000 per depositor, per insured institution, for each ownership category. So, by having accounts in different ownership categories, like individual and business accounts, your total coverage can go beyond $1,200,000. If you find your balance going beyond your JDIC insurance coverage, don't worry! Here are some smart ways to increase your coverage with different ownership categories: 1. Individual Accounts for adult family members: If each adult family member possesses an individual account insured up to $1,200,000, collectively, you'll have a much higher total coverage. 2. Join Forces with Joint Accounts: Joint accounts are insured separately from accounts in other ownership categories, up to $1,200,000 per owner. For instance, you and your spouse could secure up to $2,400,000 of JDIC insurance coverage by opening a joint account in addition to your individual accounts. Adding another owner, like a parent, provides up to another $1,200,000 in coverage. 3. Establish a Trust for your child: Opening a trust account in your child's name could provide up to $1,200,000 of coverage for your family. The JDIC treats these accounts as single accounts owned by the minor. 4. Go Pro with a Business Account: In addition to streamlining your business operations and managing your business finances, a separate business account can gain entrepreneurs extra JDIC insurance coverage of up to $1,200,000. 5. Add Nominees to your accounts: You can increase your JDIC deposit insurance coverage by creating a nominee account. A nominee account is established when the account owner designates beneficiaries who will receive the funds upon the account owner's demise. Once you've added a nominee(s), you could be eligible for more insurance coverage. For trust or nominee accounts, we'll need to gather some specifics about your beneficiaries to fulfil the JDIC's recordkeeping regulations.
Here at NCB, your financial security is our highest priority. The JDIC coverage offers an extra layer of protection for your hard-earned money, giving you the freedom to focus on what matters most. So whether you're saving for a dream vacation, planning for retirement, or running a business, you can bank on us.
Q: What institutions are members of the Deposit Insurance Scheme? A: The Deposit Insurance Scheme includes deposit-taking financial institutions regulated by the Bank of Jamaica. These are typically commercial banks, merchant banks, and building societies, also known as Policyholders. Q: What coverage does the Deposit Insurance Scheme offer? A: The Deposit Insurance Scheme covers the depositors of member institutions up to a maximum of J$1,200,000 per depositor, per insured institution for each ownership category. This means that deposit accounts in member institutions are covered under the Scheme. Q: Are deposit accounts held in different ownership categories covered separately? A: Yes, deposit accounts held in different ownership categories are covered separately, each up to the J$1,200,000 limit. The account ownership categories include individual (single owner) accounts, joint accounts, company accounts, trust accounts, and nominee accounts. Q: Are foreign currency deposit accounts covered? A: Yes, deposit accounts in foreign currencies are also covered up to the J$1,200,000 limit. However, it's important to note that payments on foreign currency accounts are made in Jamaican dollars. Q: How does JDIC interact with the Bank of Jamaica (BOJ)? A: As Deposit Insurer, the JDIC works closely with the BOJ, which supervises banks and other deposit-taking financial institutions. This collaboration ensures a smooth operation and effective supervision of these institutions. For more information about the JDIC and its coverage, please visit the JDIC's official website.