The DIC will notify depositors of the transfer of deposits and of the place and time that the deposits can be withdrawn from the transferee institution.
Frequently Asked Questions
- How does the closing of an institution affect interest accruing on a deposit?
- When can an eligible depositor expect to receive his or her money?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- What happens to those depositors whose accounts are subject to further examination?
Did You Know?
- Misconception: Certificates, deposit books and other documentary evidence of deposits held in a member institution are not relevant to making claims in the event of a failure. - Fact: A claim, supported by appropriate proof, must be made to the Deposit Insurance Corporation before payment of deposit insurance can be made. As such, all information including certificates, deposit books bank statements etc. would be required to facilitate a smooth payout process. See Tips for Depositors.