Deposit Protection Schemes

 

SINGAPORE DEPOSIT INSURANCE SCHEME

Any deposit products placed with JPMorgan Chase Bank, N.A., Singapore branch, which constitute insured deposits under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 of Singapore (the “DIA”) where you are an insured depositor as defined in the DIA will be protected under the deposit insurance scheme under the DIA (the “Scheme”) up to a maximum limit of S$100,000 per depositor.

Any financial or deposit products placed with: (i) JPMorgan Chase Bank, N.A., Singapore branch, which do not constitute insured deposits under the DIA; and (ii) any JPMorgan Companies (as defined in the Private Client Terms) other than JPMorgan Chase Bank, N.A., Singapore branch (including, without limitation, the Hong Kong branch) are not insured deposits under the DIA and are not therefore protected by the Scheme notwithstanding JPMorgan Chase Bank, N.A., Singapore branch is a member of the Scheme.

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

HONG KONG DEPOSIT PROTECTION SCHEME

Any deposit and time deposit having a term not exceeding 5 years maintained with JPMorgan Chase Bank, N.A., Hong Kong branch constitute eligible deposits under the Deposit Protection Scheme Ordinance (Cap. 581) of Hong Kong (the “DPSO”) qualified for protection by the Deposit Protection Scheme in Hong Kong (the “Deposit Protection Scheme”) up to a maximum limit of HK$800,000 per depositor.

The following are not eligible deposits under the DPSO and are therefore not protected by the Deposit Protection Scheme notwithstanding JPMorgan Chase Bank, N.A., Hong Kong branch is a member of the Deposit Protection Scheme:

(i) time deposits with a term over 5 years;
(ii) bearer instruments (such as bearer certificates of deposit);
(iii) structured deposits (as defined under section 2A in Schedule 1 to the DPSO);
(iv) deposits held for the account of the Exchange Fund (as set out in the DPSO);
(v) deposits held by an “excluded person” (as defined under section 3 in Schedule 1 to the DPSO); and
(vi) any financial or deposit products held in your account with any affiliate or subsidiary of JPMorgan Chase & Co. other than JPMorgan Chase Bank, N.A., Hong Kong branch (including, but not limited to, JPMorgan Chase Bank, N.A., Singapore branch).

AUSTRALIA DEPOSIT PROTECTION

In Australia, JPMorgan Chase Bank, N.A. is an authorized deposit taking institution pursuant to the Banking Act 1959 and holds Australian Financial Services Licence No. 238367. It is subject to the supervision of the Australian Prudential Regulation Authority and the Australian Securities & Investment Commission. Provisions in the Banking Act 1959 for the protection of depositors do not apply to foreign Authorised Deposit-Taking Institutions (the “ADIs”), including JPMorgan Chase Bank, N.A. For example, depositors with foreign ADIs do not receive the benefit of the following protections:

• Deposits are not covered by the financial claims scheme and are not guaranteed by the Australian Government.
• Deposits do not receive priority ahead of amounts owed to other creditors. This means that if a foreign ADI was unable to meet its obligations or suspends payment, its depositors in Australia would not receive priority for repayment of their deposits from the foreign ADI’s asset in Australia.
• A foreign ADI is not required to hold assets in Australia to cover its deposit liabilities in Australia. This means that if the foreign ADI was unable to meet its obligations or suspends payment it is uncertain whether depositors would be able to access the full amount of their deposit.

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