The DIC is statutorily obligated to commence payment to depositors within three months of closure of an institution.
Frequently Asked Questions
- When is deposit insurance payable?
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
- Which institutions depositors are insured by the DIC?
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.
