Single Accounts
Illustration A: Calculation of DI Coverage with Single Depositor, with several accounts.
The DIC covers amounts held in eligible accounts in the name of a single, individual depositor, up to the B$50,000 maximum insurable amount. This maximum applies to the total of all insurable deposits held at the same institution.
For example, if Mary Bowe opens up a savings, current account and a fixed account in one or more branches of Bank Andros, all of these accounts are considered as held in the same capacity and in the same right. That is, they are all owned by Mary Bowe. Therefore, the balances in all of these accounts would be aggregated and subject to the maximum insurance cover of $50,000.
If Mary also has a loan balance with the member institution, then the total deposit balance would be reduced by this amount in calculating the total amount insured.
| Depositor | Accounts | Branch | Amount | Insured | Comments |
|---|---|---|---|---|---|
| Mary Bowe | Savings | Main | $12,102 | Mary’s is the depositor/owner of four (4) accounts. Deposits owned by Mary are added together and the loan balance deducted from the deposits to obtain the insurable/payout amount. The maximum amount of Mary’s net deposits insured is $50,000. Therefore, her $1,152 in excess of the $50,000 is not insured, and she must await the outcome of the liquidation process. | |
| Checking | Bay | $3,050 | |||
| Fixed | Bay | $45,500 | |||
| Money Order | Main | $500 | |||
| Loan | Main | ($10,000) | |||
| Total | $51,152 | $50,000 |