Frequently Asked Questions
- Does the borrower’s obligations to the institution continue after the institution is closed?
- Can a depositor leave his/her deposit with the transferee institution?
- Are any other cash liabilities of financial institutions covered?
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
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.
