Frequently Asked Questions
- How does the closing of an institution affect interest accruing on a deposit?
- What procedure does the DIC follow after an institution has been closed?
- Can a depositor leave his/her deposit with the transferee institution?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be 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.
