Yes. Certain cash liabilities in respect of which an institution is primarily liable, such as cashier’s cheques, money orders and drafts, are treated in the same manner as a deposit and added to any other deposits held in the same right and capacity by the claimant, and insured in the aggregate to a maximum of $125,000.
Frequently Asked Questions
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
- What procedure does the DIC follow after an institution has been closed?
- If a depositor has more than $125,000 (the current insured limit) in a failed institution and is paid $125,000 by the DIC, what happens to the amount in excess of $125,000?
Did You Know?
- Misconception: Deposit insurance can be claimed while the member institution is still continuing in operation. - Fact: Deposit insurance is ONLY activated upon closure of a member institution.