Category Archives: FAQs
Which institutions depositors are insured by the DIC?
Are foreign deposits insured?
Are any other cash liabilities of financial institutions covered?
Yes. Certain cash liabilities in respect of which an institution is primarily liable, such as cashier’s cheques, money orders and drafts, are treated in the same manner as a deposit and added to any other deposits held in the same right and capacity by the claimant, and insured in the …
When is deposit insurance payable?
What types of deposits are insured?
All types of deposits received by a licensed institution in its usual course of business are insured. These include balances held on savings and chequing accounts, demand deposits, and time deposits. The exceptions are letters of credit, stand-by letters of credit and similar instruments, inter-bank deposits, deposits from affiliated companies …
