- Always ensure that your contact details with your bank / SDI are accurate and up-to-date.
- Get to know which type of deposits are covered by the Ghana Deposit Protection Scheme.
- Follow the advice/requests of the Corporation or Pay-out Agent Bank on the occurrence of an insured event.
Annex 1 - Scenarios
An account opened in a name of a natural person
John Mensah has a savings account (Account A) with BC Bank with a balance of ¢5,000.00. For pay-out the amount to be paid to John Mensah is ¢5,000.00 as shown below.
John Mensah has a savings account (Account A) with BC Bank with a balance of ¢10,000.00. For pay-out the amount to be paid to John Mensah is ¢6250.00 as shown below.
An account opened and shared by two or more persons. Where the combination of co-owners refers to the same individuals, accounts held jointly by them will be added together and insured up to the maximum of ¢6,250.00 for Banks and ¢1,250.00 for SDIs. Where an account is jointly held by depositors and the Bank or SDI has not been notified of the existence of any other contractual agreement between the depositors with respect to sharing of the moneys in the account, the Corporation shall divide equally among the depositors, the amount to be reimbursed.
The following accounts are held:
The records of the failed institution showed that S. Mensah and Sophia Mensah are the same person: J. Mensah and John Mensah refer to the same person. The following would apply in the event of a pay-out:
An account opened by an individual, company, association or a group for the benefit of another party(beneficiary). Where a depositor is a trustee for the deposit account of a beneficiary, the Corporation shall in determining the amount to be reimbursed to that beneficiary, add other deposit accounts in the name of the beneficiary to the deposit accounts held in trust. Deposit protection coverage recognizes the beneficiaries of a trust as a depositor for the purpose of deposit protection entitlement. As such, each beneficiary of a trust is insured up to ¢6,250.00 for bank customers and ¢1,250.00 for SDI customers. The Corporation shall reimburse the beneficiary of a trust account based on information provided by the trustee to the bank or SDI.
- Settlor – Person who creates the Trust/ or a person whose property was used to create the Trust
- Trustee – Administrator of the Trust, may be a person or an institution
- Beneficiary – Person ultimately entitled to the Trust property
Sam Mensah is the trustee of a trust account at BC Bank for the benefit of George Mensah and John Mensah. ¢16,000.00 was placed in Account A1. The account is in the name of Sam Mensah on behalf of George Mensah and John Mensah. George Mensah and John Mensah have equal interest in the account. Additionally, George Mensah has a current account with a balance of ¢2,500.00 (Account B2): and John Mensah has a savings account with a balance of ¢9,000.00 (Account C3) at the same bank:
The following would apply:
James Mensah is a trustee of two (2) trust accounts at BC Bank for the benefit of George Mensah and John Mensah. He placed ¢6,000.00 in a savings account (Account A1) and ¢4,000.00 in (Account B2). Both accounts are in the name of James Mensah, for the benefit of George Mensah and John Mensah. George Mensah and John Mensah have equal interest in the account. The following would apply in a pay-out scenario:
A company is a type of business structure that is a legal entity in its own right. The owners are the shareholders and the company can enter into contracts, be sued (or sue), buy and sell assets, own property, hire employees or borrow money.
Deposits of companies are covered separately from the deposits of their owners.
PKL Company Limited, owned by John Peters, George Wisdom and Graham Charles as shareholders has a current account (Account C1) with a balance of ¢5,000.00. It also has a savings account (Account S1) with a balance of ¢2,000.00. The balance on the Overdue loan account (Account L1) stands at ¢3,000.00. The following will apply in a pay-out.