Frequently Asked Questions
- How does the closing of an institution affect interest accruing on a deposit?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- Can a depositor leave his/her deposit with the transferee institution?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
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.
