Frequently Asked Questions
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
- Who should file a claim if more than one person is authorised to draw on an account?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
Did You Know?
- Misconception: Certificates, deposit books and other documentary evidence of deposits held in a member institution are not relevant to making claims in the event of a failure. - Fact: A claim, supported by appropriate proof, must be made to the Deposit Insurance Corporation before payment of deposit insurance can be made. As such, all information including certificates, deposit books bank statements etc. would be required to facilitate a smooth payout process. See Tips for Depositors.
