This account allows an individual to make payments and conduct transactions with the use of a chequebook. Chequebooks can be ordered with 25 or 50 leaves according to the need and frequency of use. Also, our personalised chequebooks allow the customer to specify any personal information to be printed on the cheque leaf.
Chequing Account
Account statements, with paid cheques enclosed, are issued and mailed based on the frequency determined by the customer (i.e. weekly, fortnightly, monthly, quarterly, etc.). Interim statements are also issued upon request.
Did you know your deposits are Insured?
Your deposits amounting up to $2,000,000 are automatically covered by the Deposit Insurance Scheme under the Deposit Insurance Corporation (DIC).
The Deposit Insurance Corporation is an independent public entity established under the Deposit Insurance Act 2018 which was set up to strengthen financial stability and protect your deposits. Your deposits are insured under the Deposit Insurance Fund (DIF) which refers to money that is specifically dedicated for reimbursing depositors and providing financial assistance in the resolution or winding up process of a failed financial institution.
The Fund will be financially maintained through the payment of premiums by deposit-taking financials which are members of this scheme. GBTI is a member
Types of deposit accounts covered are:
- Chequing accounts (or demand deposits),
- Savings deposits
- Time deposits (or certificates of deposit)
Single Accounts:
After combining the deposit accounts of an individual, the maximum amount that can be insured
would be $2,000,000 GYD.
Joint Accounts:
A Joint Account will be treated as one account and is insured for up to $2,000,000 GYD. The reimbursement will be divided equally among the account holders unless otherwise justified with proper documentation.
Trust Accounts:
Funds held in these accounts shall not be combined with the individual accounts of a trustee, settlor or beneficiary under the trust. For example, a parent (the trustee) may establish a bank account at a member financial institution for his/her child (the beneficiary). Deposits held on the trust are insured separately, with each beneficiary interest being insured up to a maximum of $2,000,000 GYD.
Deposits not covered by the DIC:
- Deposits that are above $2,000,000 GYD.
- Deposits of financial institutions such as:
- Insurance Companies
- Pension Funds
- Deposits of:
- Central and Local Government authorities
- Overseas branches of financial institutions
- Persons under criminal investigation or who are suspected of being involved in money laundering or terrorist financing
- Deposits from:
- Affiliates of member institutions, and
- Deposits of any depositor who is shown to have a party or profited from the circumstances given the rise to a member institution’s failure.
FAQs
- What if I have a Foreign currency account?
Foreign currency deposits are also insured but are reimbursable in Guyanese dollars, up to a
limit of $2,000,000 GYD. - How is the insurable amount determined?
The DIC calculates the insured amount inclusive of any interest received on the deposit. - What if I have accounts at other member banks/financial institution?
Deposits held at different financial institutions are separately insured. Opening of several accounts in different branches of the same bank or at the same branch will not increase your insurance deposit payout. - When do I get my payout?
The DIC is required by law to reimburse all insured depositors within 30 days after the failure
of a member financial institution and depositors will be informed via the newspapers, website
or other suitable communication channels.