Yes, a depositor, if he/she wishes, can open an account with the transferee institution for the full amount or part of his/her deposit.
Frequently Asked Questions
- If a depositor has more than $125,000 (the current insured limit) in a failed institution and is paid $125,000 by the DIC, what happens to the amount in excess of $125,000?
- Are any other cash liabilities of financial institutions covered?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- What does a deposit transfer involve?
Did You Know?
- Misconception: Mutual Funds are covered by Deposit Insurance. - Fact: Mutual funds, be they general or issued as a member’s proprietary funds, are NOT covered by deposit insurance.