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
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- When must a depositor file a claim?
- What happens to those depositors whose accounts are subject to further examination?
- What procedure does the DIC follow after an institution has been closed?
Did You Know?
- Misconception: Mutual Funds are covered by Deposit Insurance. - Fact: Mutual funds, be they general or issued as a member’s proprietary funds, are NOT covered by deposit insurance.
