BDIC, Swan Building, 26 Victoria Street, Hamilton (2026)

21/03/2024

Here’s a crucial aspect when it comes to insurance coverage: Only companies registered in the Register of Small Businesses maintained by the Bermuda Economic Development Corporation (BEDC) fall under the protective umbrella of the Scheme.

But what if you wear two hats? Operating an individual account and holding an individual account and operating a BEDC-registered small business with its own account? In this scenario, your individual Bermuda Dollar account is eligible for compensation up to $25,000 from the Scheme. Simultaneously, your company, with its own Bermuda Dollar account, is also entitled to a maximum compensation of $25,000.

Understanding these dynamics ensures that both your personal and small business finances remain protected.

For more information on the intricacies of deposit coverage, explore bdic.bm.

14/03/2024

Ever wondered how insurance coverage works in the world of deposit protection? Let’s demystify it from your perspective as an individual.

The maximum compensation for an individual insured depositor is capped at $25,000 per Scheme member, irrespective, irrespective of the number of accounts held with a Scheme Member.

Joint accounts introduce a nuanced dynamic. Each insured depositor in a joint account is entitled to their share of compensation, capped at $25,000 each. Should no specific allocation information be available, the compensation is typically split evenly.

Picture this scenario: You have an individual Bermuda Dollar account with a Scheme Member, boasting a balance of $10,000. You also share a joint account with another person, reflecting a $40,000 balance.

While your aggregate individual balance tallies to $30,000, you’re entitled to a compensation payment of $25,000—the maximum allowed. The joint account partner receives a compensation payment of $20,000, representing their half of the joint account balance.

Understanding the intricacies of reimbursement ensures your financial safety net remains intact.

For more insights into the BDIC and the Deposit Insurance Scheme, explore bdic.bm

07/03/2024

As we continue to explore the intricacies of deposit security, let’s uncover the essential players of the Scheme:

At the forefront are the Scheme Members, mandatory participants in the Bermuda Deposit Insurance Scheme. Presently, all four of Bermuda’s banks actively contribute to this financial safety net and the credit union actively contribute to this Scheme.

Beneath the protective canopy of the BDIC Scheme, various Bermuda dollar ($BMD) instruments find coverage, including $BMD savings, fixed deposits, chequing accounts, and credit union member’s share accounts. This protection extends to individual and joint account holders, sole proprietorships, partnerships, unincorporated associations, registered charitable organizations, and corporate small businesses registered with the Bermuda Economic Development Corporation (BEDC).

This is a domestic insurance Scheme. It does not cover deposits held in overseas subsidiaries or branches of Scheme Members, nor does it include foreign currency deposits.

Financial stability is fortified by quarterly premiums contributed by Scheme Members, calculated at 0.25% per annum based on their qualifying insured deposits. These premiums form the bedrock of the Scheme Fund, guaranteeing structured deposit protection.

For deeper insights into the BDIC and the Deposit Insurance Scheme, explore bdic.bm

29/02/2024

Have you ever questioned the protective layer safeguarding your deposits?
Let’s explore the critical role of the Bermuda Deposit Insurance Corporation (BDIC) and Bermuda’s Deposit Insurance Scheme:

The BDIC, working in tandem with the Bermuda Monetary Authority (BMA), plays a vital role in ensuring protection for eligible depositors up to a specified amount if a Scheme Member faces insolvency or threats to its survival.

This scheme is a fundamental component of Bermuda’s deposit protection arrangements, filling a crucial gap in Bermuda’s financial safety net, identified after the 2008 global financial crisis.

We have 3 Key Objectives:
1) Protect Bermuda Dollar Deposits
By offering coverage to eligible depositors, the BDIC mitigates the risk of total loss in the event of a Scheme Member’s failure.

2) Promote Stability
Providing timely access to insured depositors’ funds prevents panic withdrawals, reducing the risk of instability in Bermuda’s financial system.

3) Enhance Global Attractiveness
Elevating Bermuda’s reputation as a well-regulated financial jurisdiction is crucial in a world prioritizing stability and security.

As an independent statutory corporation, the BDIC ensures stability, promotes confidence, and fortifies Bermuda’s standing on the global financial stage.

To learn more about the BDIC and the Deposit Insurance Scheme, visit bdic.bm

28/02/2024

Introducing the BDIC – Bermuda Deposit Insurance Corporation.
Stay tuned for insights and updates!

Address

Swan Building, 26 Victoria Street
Hamilton
HM12

Telephone

+14412922342

Website

https://bdic.bm/

Alerts

Be the first to know and let us send you an email when BDIC posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to BDIC:

BDIC