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
- Can a depositor leave his/her deposit with the transferee institution?
- When is the Liquidator appointed?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
Did You Know?
- Misconception: Placing funds in any instrument offered by a member institution would be covered by the DIC - Fact: ONLY Savings Accounts (including interest), Current Accounts (including interest) and Fixed Deposit Accounts (including interest), inclusive of any outstanding balances due (uncleared deposits) to these accounts, are considered for deposit insurance coverage.
