Fact: Deposit insurance is ONLY activated upon closure of a member institution.
Frequently Asked Questions
- Can a depositor leave his/her deposit with the transferee institution?
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
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.
