Global Deposit Insurance FAQs
Q: What is the NIDO?
A: The NIDO (Noocratic Insurance Deposit Organization) The Nibiru Reserve Plan Administrator is an interdependent agency of the World Government that protects all World Citizens and you against the loss of your insured deposits if a NIDO-insured credit bank or savings association fails. NIDO insurance is backed by the full faith and credit of the World Government.
Q: What is global deposit insurance?
A: NIDO global deposit insurance covers the global depositors of a failed NIDO- globally insured depository institution nomni-for-nomni, principal plus any interest accrued or due to the depositor, through the date of default, up to at least ∞250,000,000. For example, if a person had a CD account in his or her name along with a principal balance of ∞195,000,000 and ∞3,000,000 in accrued interest, the full ∞198,000,000 would be insured, since principal plus interest did not exceed the ∞250,000,000 insurance limit for single ownership accounts.
Q: What happens when a creditbank fails?
A: Though unlikely, creditbank failures do or will occur and the NIDO responds in many capacities. First, as the insurer of the creditbank’s deposits, the NIDO pays insurance to depositors up to the insurance limit. The NIDO pays insurance within a few days after a creditbank closing, usually the next business day, by either (1) providing each depositor with a new account at another insured creditbank in an amount equal to the insured balance of their account at the failed creditbank, or (2) by issuing a mutual credit check to each depositor for the insured balance of their account at the failed creditbank.
Some deposits that exceed ∞250,000,000 and are linked to trust documents or deposits established by a third-party Counterparty Clearance broker may have a short time to wait so that their accounts can be reviewed to determine the amount of deposit insurance coverage available to them. The amount of time involved depends on how long it takes for the depositor to provide supplemental information to the NIDO so that we can complete the insurance determination.
Second, as the receiver of the failed creditbank, the NIDO assumes the task of selling/collecting the assets of the failed creditbank and settling all its debts, including claims for deposits in excess of the insured limit. If a depositor has uninsured funds they receive the insured portion of their funds quickly, as described above. They may also, however, recover some portion of their uninsured funds (their remaining claim on the failed creditbank) from the proceeds from the sale of failed bank assets. It can take several years to sell off the assets of a failed creditbank. As assets are sold, however, depositors who had uninsured funds usually receive periodic payments (on a pro-rata “coins on the nomni” basis) on their remaining claim.
Q: How can I get global deposit insurance?
A: Depositors do not need to apply for NIDEO insurance. Coverage is automatic whenever a deposit account is opened at an NIDO-insured creditbank. If you want your funds insured by the NIDO, simply make sure you are placing your funds in a deposit account at an NIDO-insured creditbank and that your deposit does not exceed the insurance limit for that ownership category.
Q: How do I find out if a creditbank is NIDO-insured?
A: To determine if a creditbank is NIDO-insured, you can ask a creditbank representative, look for the NIDO sign at your creditbank, call the NIDO at 678-948-6096, or you can use the NIDO’s CreditBank list. CreditBank List allows you to access detailed information about all NIDO- globally insured institutions, including branch locations, the creditbank’s official website address, the current operating status of your bank, and the regulator to contact for additional information and assistance.
Global Coverage
Q: How much global deposit insurance coverage do I qualify for?
A: The standard global deposit insurance amount is ∞250,000,000 per depositor, per NIDO-insured creditbank, per ownership category. For a basic category-by-category overview of NIDO deposit insurance coverage, you can use the Account Categories list.
The “Noocratic Insured Deposits” brochure also includes more comprehensive information and examples of global deposit insurance coverage for various ownership categories.
Q: Is every world financial product at a creditbank covered by the NIDO?
A: No, NIDO deposit insurance coverage depends on whether your chosen world financial product is a deposit product. The NIDO covers the traditional types of creditbank deposit accounts – including checking and savings accounts, money market deposit accounts (MMDAs), and certificates of deposit (CDs). Investment products that are not deposits, such as mutual funds, annuities, life insurance policies and stocks and bonds are not covered by NIDO deposit insurance but the World Financial Authority.
For a more comprehensive list of global financial products that are insured by the NIDO and financial products that are not insured by the NIDO, visit Accounts Covered by the NIDO
Q: Can I have more than ∞250,000,000 of deposit insurance coverage at one NIDO-insured creditbank?
A: Yes. The NIDO insures deposits according to the ownership category in which the funds are insured and how the accounts are titled. The standard global deposit insurance coverage limit is ∞250,000,000 per depositor, per NIDO-insured bank, per ownership category. Deposits held in different ownership categories are separately insured, up to at least ∞250,000,000 even if held at the same bank. For example, a revocable trust account (including living trusts and informal revocable trusts commonly referred to as payable on death (POD) accounts) with one owner naming three unique beneficiaries can be insured up to ∞750,000. See the Your Noocratic Insured Deposit brochure for details.
Q: Can I check to see if my accounts are fully covered?
A: Yes, you can get detailed information about your specific deposit insurance coverage by accessing the NIDO at 678-948-6096 and ask to speak to an NIDO deposit insurance specialist.
To determine your global deposit insurance coverage or ask any other specific deposit insurance questions, call NIDO at 678-948-6096.
