Yes. When acting as Liquidator of a closed institution, the DIC is acting on behalf of all creditors of that institution and its obligation is to collect on all loans promptly and efficiently along with other assets of the institution.
The Corporation will offset the balance on a deposit account, including any uninsured portion, against a loan if the loan and deposit are held by the same person or persons.
The depositor has to satisfy the DIC or transferee institution that he/she is the rightful owner of the deposit claimed. In cases of doubt, the transferee institution may refer the matter to the DIC.
The DIC will notify depositors of the transfer of deposits and of the place and time that the deposits can be withdrawn from the transferee institution.
The DIC transfers an amount equivalent to the total insured deposits of an institution to a financial institution under an agreement which will enable depositors of the failed institution to collect their entitlements from the financial institution.
The DIC may pay depositors either by transfer to a financial institution with instructions to effect payment to depositors on its behalf, or directly by means of cheques up to the insured limit which will be collected at the DIC’s offices.
Information regarding the date and place of payment will be posted on the doors of the closed institution, published in the press and indicated in notices sent to depositors.
