Frequently Asked Questions
- When can an eligible depositor expect to receive his or her money?
- 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?
- If a depositor has an account in the main office of an institution and also at a branch office, are these accounts separately insured?
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.
