Deposit Insurance (DI) -

[nethdale]

Hi, I understand it is $75K payout to each account if a bank goes wrong. What happens if it is a joint/alternate FD account, is the payout still at $75K? Sorry for the ignorance and thanks in advance

 

[reddevil0728]

Hi, I understand it is $75K payout to each account if a bank goes wrong. What happens if it is a joint/alternate FD account, is the payout still at $75K? Sorry for the ignorance and thanks in advance

https://www.sdic.org.sg/

 

[lzydata]

Hi, I understand it is $75K payout to each account if a bank goes wrong. What happens if it is a joint/alternate FD account, is the payout still at $75K? Sorry for the ignorance and thanks in advance

12. How are joint accounts protected under the Deposit insurance Scheme?
A:
For joint accounts, SDIC will split funds in the joint account evenly unless the DI Scheme member has records that show otherwise. Each account holder's share is then combined with his or her own accounts and the total amount of insured deposits is then covered up to S$75,000. For example, if you and your husband have a joint account with S$70,000, and you have a separate account of S$60,000, your total deposits of S$95,000 will be covered to the maximum of S$75,000. If you want to know more about the calculation of deposit insurance coverage for joint accounts, please refer to Calculation of Compensation.

https://www.sdic.org.sg/faq/di_faq

 

[nethdale]

12. How are joint accounts protected under the Deposit insurance Scheme?
A:
For joint accounts, SDIC will split funds in the joint account evenly unless the DI Scheme member has records that show otherwise. Each account holder's share is then combined with his or her own accounts and the total amount of insured deposits is then covered up to S$75,000. For example, if you and your husband have a joint account with S$70,000, and you have a separate account of S$60,000, your total deposits of S$95,000 will be covered to the maximum of S$75,000. If you want to know more about the calculation of deposit insurance coverage for joint accounts, please refer to Calculation of Compensation.

https://www.sdic.org.sg/faq/di_faq

Thank you so much.