Frequently Asked Questions
- Does the borrower’s obligations to the institution continue after the institution is closed?
- In the event of a deposit transfer, how will a depositor know when and where he can withdraw his funds?
- If two or more persons, for example a husband and wife, have, in addition to the individually owned accounts of each, a valid joint account in the same insured institution, is each account separately insured?
- What does a deposit transfer involve?
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.
