Fact: Deposit insurance is ONLY activated upon closure of a member institution.
Frequently Asked Questions
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- How does the closing of an institution affect interest accruing on a deposit?
- What procedure does the DIC follow after an institution has been closed?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
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 …
