Deposit insurance is payable only when an institution has been closed as a result of action taken by the Central Bank.
Frequently Asked Questions
- What types of deposits are insured?
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
- Does the borrower’s obligations to the institution continue after the institution is closed?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
Did You Know?
- Misconception: Depositors of a failed member institution would receive payment immediately upon closure of the failed member. - Fact: The legislation governing the operations of the Deposit Insurance system provides for payout to commence within 3 months of the closure of a member institution.
