Frequently Asked Questions
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- If a person has an interest in more than one joint account, what is the extent of his or her insurance coverage?
Did You Know?
- Misconception: All financial institutions that take deposits are covered under the Deposit Insurance Fund - Fact: ONLY member institutions that are licensed under the Financial Institutions Act, 2008 are covered under the Deposit Insurance Fund. This legislation provides for the regulation of commercial banks and other institutions engaged in the business of banking and business of a financial nature.