Yes, a depositor, if he/she wishes, can open an account with the transferee institution for the full amount or part of his/her deposit.
Frequently Asked Questions
- Which institutions depositors are insured by the DIC?
- Are any other cash liabilities of financial institutions covered?
- If a depositor has more than $200,000 (the current insured limit) in a closed institution and is paid $200,000 by the DIC, what happens to the amount in excess of $200,000?
- Are Mutual Funds insured?
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.
