Fact: ONLY member institutions that are licensed under the Financial Institutions Act, 2008 are covered under the Deposit Insurance Fund. This legislation provides for the regulation of commercial banks and other institutions engaged in the business of banking and business of a financial nature.
Frequently Asked Questions
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- Are any other cash liabilities of financial institutions covered?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
- When must a depositor file a claim?
Did You Know?
- Misconception: All financial institutions that take deposits are covered under the Deposit Insurance Fund - Fact: ONLY member institutions that are licensed under the Financial Institutions Act, 2008 are covered under the Deposit Insurance Fund. This legislation provides for the regulation of commercial banks and other institutions engaged in the business of banking and business of a financial nature.
