Frequently Asked Questions
- What procedure does the DIC follow after an institution has been closed?
- Which institutions depositors are insured by the DIC?
- Who should file a claim if more than one person is authorised to draw on an account?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
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.