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
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- What is a Liquidator’s certificate?
- How does the closing of an institution affect interest accruing on a deposit?
Did You Know?
- Misconception: Deposit insurance can be claimed while the member institution is still continuing in operation. - Fact: Deposit insurance is ONLY activated upon closure of a member institution.
