The DIC may pay depositors either by transfer to a financial institution with instructions to effect payment to depositors on its behalf, or directly by means of cheques up to the insured limit which will be collected at the DIC’s offices.
Frequently Asked Questions
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
- When is the Liquidator appointed?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- When must a depositor file a claim?
Did You Know?
- Misconception: All financial institutions that take deposits are covered under the Deposit Insurance Fund - Fact: ONLY member institutions that are licensed under the Financial Institutions Act, 2008 are covered under the Deposit Insurance Fund. This legislation provides for the regulation of commercial banks and other institutions engaged in the business of banking and business of a financial nature.
