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.
Frequently Asked Questions
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
- What types of deposits are insured?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
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.
