Frequently Asked Questions
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- If a depositor has an account in the main office of an institution and also at a branch office, are these accounts separately insured?
- What procedure does the DIC follow after an institution has been closed?
Did You Know?
- Misconception: Placing funds in any instrument offered by a member institution would be covered by the DIC - Fact: ONLY Savings Accounts (including interest), Current Accounts (including interest) and Fixed Deposit Accounts (including interest), inclusive of any outstanding balances due (uncleared deposits) to these accounts, are considered for deposit insurance coverage.
