The Virgin Islands Deposit Insurance Corporation provides protection for eligible deposits up to US$100,000 per depositor per member institution. This US$100,000 limit is inclusive of the principal amount and the interest amount of the deposit.
Depositor with numerous deposit accounts in the same member institution
All deposit accounts held by the same depositor will be added together and protected up to US$100,000.
Example
| Name of Account Holder |
Type of Account |
Amount (US$) |
Insured Amount(US$) |
Uninsured Amount(US$) |
| James |
Savings |
45,000 |
|
|
|
Current (Checking) |
45,000 |
|
|
|
Time Accounts (Certificate of Deposit) |
15,000 |
|
|
|
Total Deposits |
105,000 |
100,000 |
5,000 |
Depositor’s accounts in a member institution, that is below the maximum protection limit of US$100,000 will still be covered.
Deposit accounts will be compiled and protected up to the actual amount held by the depositor but will not exceed the maximum protection limit of US$100,000.
Example
| Name of Account Holder |
Type of Account |
Amount (US$) |
Insured Amount (US$) |
Uninsured Amount (US$) |
| Elaine |
Savings |
40,000 |
|
|
|
Current (Checking) |
5,000 |
|
|
|
Time Accounts (Certificate of Deposit) |
20,000 |
|
|
|
Total Deposits |
65,000 |
65,000 |
0 |
Depositor with deposits in several member institutions
Deposits in different member institutions are protected separately. The US$100,000 protection limit will be applied per depositor per each member institution.
Example
| Name of Account Holder |
Bank |
Type of Account |
Amount (US$) |
Insured (US$) |
Uninsured (US$) |
| Robert |
Bank 1 |
Savings |
110,000 |
100,000 |
10,000 |
|
Bank 2 |
Current (Checking) |
50,000 |
50,000 |
0 |
|
Bank 3 |
Time Accounts (Certificate of Deposit) |
105,000 |
100,000 |
5,000 |
|
|
Total Deposits |
265,000 |
250,000 |
15,000 |
