The DIC will notify depositors of the transfer of deposits and of the place and time that the deposits can be withdrawn from the transferee institution.
Frequently Asked Questions
- What happens to those depositors whose accounts are subject to further examination?
- If a depositor has an account in the main office of an institution and also at a branch office, are these accounts separately insured?
- Can a depositor leave his/her deposit with the transferee institution?
- What procedure does the DIC follow after an institution has been closed?
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.
