JDIC Launches New Website

The Jamaica Deposit Insurance Corporation (JDIC) now has a new website, which provides depositors, member institutions and the general public with easier access to information, while facilitating increased engagement with the agency.

“The Corporation redesigned its website with the aim of providing our audience with a more modernised layout, which will undoubtedly enhance the experience and allow users to access information seamlessly,” Manager of Corporate Communications at JDIC, Marjorie McGrath, told JIS News.

“Users of the new website will become more aware of or be reminded about the financial institutions that are covered under the [Deposit Insurance Scheme], the deposit account ownership categories that qualify for deposit insurance coverage, the coverage limit, as well as access to a deposit insurance calculator, which allows depositors to compute their deposit insurance entitlement,” she notes further.

The new website, designed by the Jamaica Information Service (JIS) web team, aims to facilitate a smoother and more interactive experience.

Among the features are a knowledge centre, frequently asked questions (FAQ) slider, and an integrated social wall.

Ms. McGrath explained that the knowledge centre was designed to serve as the hub for critical information on deposit insurance and the operations of the JDIC.

Curated specifically for depositors and other key stakeholders, the FAQ slider anticipates questions and provides the appropriate responses, while the integrated social wall displays real-time social media interactions to make the website more engaging and dynamic.

The website supports the JDIC in fulfilling part of its business strategy, as it serves as a platform that allows the Corporation to engage in promoting public education and awareness.

The main objective of the JDIC is to establish and manage a Deposit Insurance Scheme to protect depositors from loss, up to a specified limit.

This is by providing the highest level of coverage possible to small depositors, restoring and maintaining confidence in deposit-taking institutions and providing a clearly defined system for dealing with problems that may arise in insured financial institutions.

Under the Deposit Insurance Act, the JDIC must pay out of the Deposit Insurance Fund, in respect of an insured deposit, up to the prescribed coverage limit of $1,200,000 to every depositor of a Policyholder (member institution) in circumstances where the Policyholder fails or is unable to make payment in respect of a deposit.  Presently, there are 11 member institutions – eight commercial banks, one trust and merchant bank and two building societies.

The maximum deposit insurance coverage limit of $1,200,000 per depositor per institution includes principal and interest combined.

JDIC is a statutory body created by the Government of Jamaica to protect depositors and promote stability and confidence in Jamaica’s financial system. The JDIC reports to Parliament through the Minister of Finance and the Public Service.

Members of the public may access the revamped website at https://www.jdic.org/.