Frequently Asked Questions
- What procedure does the DIC follow after an institution has been closed?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- How does the closing of an institution affect interest accruing on a deposit?
- What types of deposits are insured?
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.