| Part E – Depositors protected |
| Q39. |
Are companies protected by the DPS? |
| A39. |
Yes. Both personal and corporate depositors are protected by the DPS. |
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| Q40. |
If I have a deposit over HK$500,000, am I protected by the DPS? |
| A40. |
Yes. You are protected by the DPS, but you will only be compensated up to a maximum of HK$500,000. |
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| Q41. |
If I have a joint account with my spouse, are both of us protected? |
| A41. |
Holders of a joint account are normally deemed to have an equal share in the deposit. Each of them is entitled to compensation up to a maximum of HK$500,000. |
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| Q42. |
Are deposits held by a sole proprietorship protected by the DPS? |
| A42. |
Deposits held by a sole proprietorship are protected by the DPS. Since a sole proprietorship and the sole proprietor are regarded as a single person under law, the sole proprietorship and the sole proprietor together are entitled to compensation up to a maximum of HK$500,000. |
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| Q43. |
Are deposits held by a partnership protected by the DPS? |
| A43. |
Deposits held by a partnership are protected by the DPS. The partnership will be regarded as a person separate from its partners and is entitled to compensation up to a maximum of HK$500,000 on its own. |
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| Q44. |
Are deposits held by an association, society, club, or other unincorporated entities protected by the DPS? |
| A44. |
Each separate legal entity will be protected up to a maximum of HK$500,000. |
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| Q45. |
Are deposits held in a trust account or a client account protected by the DPS? |
| A45. |
Deposits held in trust and client accounts are protected by the DPS. The DPS Ordinance has laid down clear rules on how such deposits are protected. |
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| Q46 |
Who are excluded from the protection of the DPS? |
A46.
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According to the DPS Ordinance, several types of persons (the excluded persons) are not protected by the DPS:
- a related company of the Scheme member
- a multilateral development bank as defined in paragraph 1 of the Third Schedule to the Banking Ordinance (Cap. 155)
- an authorized institution, i.e. licensed banks, restricted licence banks and deposit-taking companies
- a foreign bank which is not an authorized institution in Hong Kong
- the senior management, controllers and directors of the Scheme member and its related companies.
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