A depositor must file a claim for insurance on the official claim form within 12 months from the date of closure of the financial institution. Official claim forms are available from the DIC. It is advisable that claims be filed as soon as possible after the announcement of closure. Claims not filed within the 12 month period are not eligible for deposit insurance. If the 12 month period has passed, a creditor’s claim by affidavit must then be filed with the Court-appointed Liquidator which may be the DIC. Liquidation claims are required to be filed for all classes of creditors: preferential, secured or unsecured.
Frequently Asked Questions
- What is the current insured limit?
- If a depositor has an account in the main office of an institution and also at a branch office, are these accounts separately insured?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- When can an eligible depositor expect to receive his or her money?
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.
