Interest will be paid on an account up to the date of closure of an institution, even if the maturity date of the account is beyond the date of closure.
Frequently Asked Questions
- Must a claim be filed in person?
- When must a depositor file a claim?
- Who should file a claim if more than one person is authorised to draw on an account?
- 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: 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.