Frequently Asked Questions
- What does a deposit transfer involve?
- If a depositor has an account in the main office of an institution and also at a branch office, are these accounts separately insured?
- Are any other cash liabilities of financial institutions covered?
- 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?
Did You Know?
- Misconception: Depositors of a failed member institution would receive payment immediately upon closure of the failed member. - 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.