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DEPOSIT INSURANCE SYSTEM (DIS) (BANKS)

As of 15 January 2016, PIDM received 210 responses from members of the public. The respondents were generally agreeable to the five (5) key proposals set out in the survey.

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  1. Is the display of membership representation, PIDM brochure and Register of Insured Deposits adequate for customers to differentiate if a bank is a member of PIDM and obtain the necessary information on PIDM's protection?
93% of respondents agreed that the display of such documents by member banks are adequate.
  1. Does the information in the advertisements provide adequate understanding of PIDM's protection and enable customers to make a decision to purchase a deposit product?
77% of respondents were of the view that the information in the advertisements were useful in helping them in making a decision to purchase a deposit product.
  1. Is the information provided by member bank during deposit account opening useful and timely for customers in deciding whether or not to purchase a deposit product?
68% of respondents concurred that the information provided by member banks during deposit account opening were useful.
  1. Do you find the notification by member banks practical and important in helping customers to make informed financial decisions before purchasing a financial product through the banking channel?
72% of respondents found that the notification provided by member bank during the purchase of a financial product through banking channel as practical and important.
  1. Do you prefer the prescribed statements stated in Option 1 or Option 2? Which prescribed statements provide clearer message on PIDM's protection?
  • Option 1 (Existing): “Eligible for protection by PIDM” and “Not insured by PIDM”.
  • Option 2 (Proposal): “Protected by PIDM, up to RM250,000 for each depositor” and “Not protected by PIDM”.
  • Other suggestion
76% of the respondents indicated a preference for Option 2.