Fact: The legislation governing the operations of the Deposit Insurance system provides for payout to commence within 3 months of the closure of a member institution.
Frequently Asked Questions
- Which institutions depositors are insured by the DIC?
- Does the borrower’s obligations to the institution continue after the institution is closed?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- How quickly will the Liquidator make payments on certificates?
Did You Know?
- Misconception: Mutual Funds are covered by Deposit Insurance. - Fact: Mutual funds, be they general or issued as a member’s proprietary funds, are NOT covered by deposit insurance.
