The DIC will issue certificates to cover the value of deposits in excess of the insured maximum of $125,000 as well as other uninsured claims against the failed institution.
Frequently Asked Questions
- If a depositor has more than $125,000 (the current insured limit) in a failed institution and is paid $125,000 by the DIC, what happens to the amount in excess of $125,000?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- Which institutions depositors are insured by the DIC?
- How does the closing of an institution affect interest accruing on a deposit?
Did You Know?
- Misconception: Depositors of a failed member institution have an unlimited time within which to make a claim on the Fund. - Fact: Depositors are granted a 12 month window in which to make a claim after which they can claim against the estate of the failed member. After the passage of 12 months, claims can only be made against the estate of the failed member institution payment for which would depend …