Frequently Asked Questions
- Does the borrower’s obligations to the institution continue after the institution is closed?
- What happens to those depositors whose accounts are subject to further examination?
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
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.
