The Corporation will offset the balance on a deposit account, including any uninsured portion, against a loan if the loan and deposit are held by the same person or persons.
Frequently Asked Questions
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- When is the Liquidator appointed?
Did You Know?
- Misconception: Deposit insurance can be claimed while the member institution is still continuing in operation. - Fact: Deposit insurance is ONLY activated upon closure of a member institution.
