JDIC Heightens Public Awareness About Increased Deposit Insurance Coverage

• The Jamaica Deposit Insurance Corporation (JDIC) has embarked on a media campaign to heighten public awareness about the increased coverage limit for accounts held at deposit-taking institutions (DTIs).
• Effective August 31, 2020, the coverage limit has been adjusted from $600,000 to $1.2Mn for holders of individual, joint, business, and trust accounts at commercial and merchant banks and building societies.
• Jamaica Bankers Association (JBA) President, Jerome Smalling, said the adjustment in the deposit insurance limit is “timely”, noting that doubling the coverage “is truly impressive and should be commended”.
• Smalling said that consequent on the increased deposit insurance coverage limit, “the JDIC has taken an important step to bolster the confidence of the depositing public, as well as protect against unregulated entities that enter the deposit-taking space from time to time.

(Source: JIS)