Bermuda Commercial Bank Limited

Deposit Guarantee

Deposit Guarantee
Yes (up to 25,000 USD per depositor)

Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.

Deposit Guarantee in Bermuda Commercial Bank Limited

All credit institutions operating in Bermuda are obliged to participate in Bermudian deposit guarantee scheme.

Bermuda Commercial Bank Limited is a member of Bermuda Deposit Insurance Corporation (BDIC) and makes its contributions into it. In the case of Bermuda Commercial Bank Limited failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:

Eligible Depositors
natural persons
small businesses registered in Bermuda
charities
Covered Accounts
savings accounts
fixed deposit accounts
current (chequing) accounts
credit union member’s share accounts
Covered Currencies
BMD (Bermudian dollar)
Maximum Protected Amount
25,000 USD
Paid In Currency
USD

Bermuda Deposit Insurance Corporation (BDIC)

Swan Building, 26 Victoria Street, Hamilton HM 12, Bermuda
(441) 292-2342

Further Information

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