The Jamaica Deposit Insurance Corporation (JDIC), along with other members of the Caribbean Regional Committee of the International Association of Deposit Insurers (IADI) recently signed a Memorandum of Understanding (MOU)...
Did You Know?
With the establishment of the JDIC and the passing of the Deposit Insurance Act 1998, all depositors of a bank or other insured deposit-taking financial institution that fails will get back up to a maximum of $600,000.
In the past when a bank failed there was no guarantee as to how much the depositors of the failed institution would be refunded.
In light of the number of bank failures of the mid-nineties, the Government recognized the need for a formal system of deposit insurance.
The Jamaica Deposit Insurance Corporation (JDIC) is an independent statutory organization set up by the Government to protect depositors.