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The Deposit Insurance Scheme

Most of the instruments offered at The Victoria Mutual Building Society are covered under The Deposit Insurance Scheme. Membership to this Scheme is compulsory to those institutions that are regulated and supervised by the Bank of Jamaica. However, not all instruments offered by these organisations are covered. Major categories of uninsured funds are commercial paper and brokered or managed funds. The Scheme’s main features are:

  • Basic coverage is J$600,000 per depositor, per ownership category in each institution, a limit that covers over 90% of depositors in insured institutions. The most common categories of ownership are Individual, Joint, Business and Trust Accounts. Deposits maintained in different categories of legal ownership are separately insured.
  • Policies of Deposit Insurance may be cancelled if JDIC and BOJ determine that a policyholder is, or is about to become insolvent; its license has been revoked or it has ceased to accept deposits.
  • The Corporation is committed to making payments as soon as possible after the failure of a policyholder, but is expected to commence payout within three months. If payments are not commenced by that date, the Corporation shall be liable to pay interest on the insured sum.

For more information, please visit www.jdic.org

 

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