GringoPost | Cuenca, Ecuador: Is bank/cooperativa insurance coverage of accounts or members?

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Is bank/cooperativa insurance coverage of accounts or members?

We were told by a cooperative executive that it provides $35K insurance coverage per account. To confirm that I asked again, "Is that $35K per member or per account?" Again it was stated that this is the insurance coverage per account. A person whom we took to the cooperative was advised to purchase 3 CDs rather than one for this reason.

When I asked a national bank executive the same question regarding insurance coverage of that institution I was told it is $31K per member, not per account. Further, this executive said that it is not true that the cooperative provides $35K per account, but rather per member.

Can someone tell us all which is true?

Warren L