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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? 8406
2 Do depositors of a failed member institution have an unlimited time within which to make a claim on the Fund? 2006
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? 1636
4 Can deposit insurance be claimed while the member institution is still continuing in operation? 1723
5 Are Mutual Funds covered by Deposit Insurance? 1700
6 Are beneficiaries under trust account arrangements insured separately? 1725
7 Does establishing more than one joint account in the same institution with the same names increase the insurance coverage? 1656
8 Are all financial institutions that take deposits are covered under the Deposit Insurance Fund? 1584
9 Does the Barbados Deposit Insurance Corporation (BDIC) have the power to close a member institution? 1817
10 What is Deposit Insurance? 12886
11 Why is deposit insurance important? 1845
12 How much does it cover? 6311
13 What is covered? 1568
14 Is my bank covered? 7779
15 How is Deposit Insurance calculated? 1506
16 Can a depositor leave his/her deposit with the designated member institution? 1662
17 Is the depositor required to produce proof of ownership to the DIC or to the designated member institution? 1467
18 In the event of a deposit transfer, how will a depositor know when and where he can withdraw his funds? 1606
19 What does a deposit transfer involve? 1399
20 What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution? 1642
21 What happens to those depositors whose accounts are subject to further examination? 1650
22 How is a depositor notified of the date and place of payment of his or her claim after an institution is closed? 1418
23 When can an eligible depositor expect to receive his or her money? 1547
24 How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed? 1650
25 For depositors sending funds to lawyers for purchase of property is the limit still $25, 000.00? 1441
26 Are the deposits in a lawyer’s client account treated as a separate deposit? 1513
27 What happens if a member fails? 1510
28 How is Deposit Insurance funded? 1737
29 Questions normally asked during a payout? 9935


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.