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?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- Are Mutual Funds insured?
- Does the borrower’s obligations to the institution continue after the institution is closed?
Did You Know?
- Misconception: Certificates, deposit books and other documentary evidence of deposits held in a member institution are not relevant to making claims in the event of a failure. - Fact: A claim, supported by appropriate proof, must be made to the Deposit Insurance Corporation before payment of deposit insurance can be made. As such, all information including certificates, deposit books bank statements etc. would be required to facilitate a smooth payout process. See Tips for Depositors.
