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1 Would the uninsured balance, i.e. that portion of deposit(s) over BDS$25,000 for which a certificate was issued, ever be honoured by the DIC? 9407
2 Do depositors of a failed member institution have an unlimited time within which to make a claim on the Fund? 2259
3 Are certificates, deposit books and other documentary evidence of deposits held in a member institution are not relevant to making claims in the event of a failure? 1820
4 Can deposit insurance be claimed while the member institution is still continuing in operation? 1942
5 Are Mutual Funds covered by Deposit Insurance? 1917
6 Are beneficiaries under trust account arrangements insured separately? 1949
7 Does establishing more than one joint account in the same institution with the same names increase the insurance coverage? 1857
8 Are all financial institutions that take deposits are covered under the Deposit Insurance Fund? 1771
9 Does the Barbados Deposit Insurance Corporation (BDIC) have the power to close a member institution? 2034
10 Can a depositor leave his/her deposit with the designated member institution? 1874
11 Is the depositor required to produce proof of ownership to the DIC or to the designated member institution? 1659
12 In the event of a deposit transfer, how will a depositor know when and where he can withdraw his funds? 1797
13 What does a deposit transfer involve? 1595
14 What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution? 1868
15 What happens to those depositors whose accounts are subject to further examination? 1837
16 How is a depositor notified of the date and place of payment of his or her claim after an institution is closed? 1613
17 When can an eligible depositor expect to receive his or her money? 1732
18 How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed? 1823
19 For depositors sending funds to lawyers for purchase of property is the limit still $25, 000.00? 1637
20 Are the deposits in a lawyer’s client account treated as a separate deposit? 1751
21 Why is deposit insurance important? 2190
22 What happens if a member fails? 1756
23 How is Deposit Insurance funded? 2016
24 How is Deposit Insurance calculated? 1797
25 Is my bank covered? 8873
26 How much does it cover? 7045
27 What is covered? 1751
28 What is Deposit Insurance? 14296
29 Questions normally asked during a payout? 11554
 
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Disclaimer

Please Note: This website is designed to give general information about deposit insurance and should not be relied upon as definitive. The actual deposit insurance coverage provided by BDIC following the failure of a member institution is based on the deposit account records at the failed member institution and is governed by the Deposit Insurance Act.