If, for example, a depositor has a total claim of $205,000 he or she would, if the claim is approved, be paid $200,000. The depositor will be issued with a Liquidator’s Certificate by the DIC for the remaining $5,000. The Liquidator’s Certificate is a document issued by the DIC to depositors …
The DIC determines from the records of the institution how much a depositor should be paid, based on the principal balance on account with the institution, along with interest accrued up to the date of the institution’s closure. If this amount is not what the depositor expects to receive, the …
Those cheques will not be paid or charged against the account because the action by the Central Bank to suspend the operations of the institutions will cause all accounts to be frozen at the date of suspension. Such cheques will be returned and usually will be marked “drawee bank closed”, …
The DIC will balance the institution’s books and credit interest earned on all accounts up to the date of closure. DIC officials will determine how much is owed to each depositor. A list of all deposits will be prepared. From this list, the following will be identified for further examination: …
No. The main office and all branches are considered to be one institution. Therefore, the accounts would be added together and insured up to the $200,000 maximum. However, separately constituted subsidiaries or associated companies are recognised as distinct legal entities for deposit insurance purposes.
No. Deposit insurance is not increased merely by dividing funds held in the same right and capacity or ownership category (Single, Joint, Irrevocable Express Trust Accounts) among the different types of deposits available. For example, chequing and savings accounts held by the same depositor in the same right and capacity …
