Fact: Deposit insurance is ONLY activated upon closure of a member institution.
Frequently Asked Questions
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
- If a depositor has an account in the main office of an institution and also at a branch office, are these accounts separately insured?
- When is the Liquidator appointed?
- What procedure does the DIC follow after an institution has been closed?
Did You Know?
- Misconception: Depositors of a failed member institution would receive payment immediately upon closure of the failed member. - Fact: The legislation governing the operations of the Deposit Insurance system provides for payout to commence within 3 months of the closure of a member institution.
