Fact: Deposit insurance is ONLY activated upon closure of a member institution.
Frequently Asked Questions
- If a depositor has more than $200,000 (the current insured limit) in a closed institution and is paid $200,000 by the DIC, what happens to the amount in excess of $200,000?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- Can a depositor leave his/her deposit with the transferee institution?
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
Did You Know?
- Misconception: Deposit insurance can be claimed while the member institution is still continuing in operation. - Fact: Deposit insurance is ONLY activated upon closure of a member institution.
