Fact: Deposit insurance is ONLY activated upon closure of a member institution.
Frequently Asked Questions
- If two or more persons, for example a husband and wife, have, in addition to the individually owned accounts of each, a valid joint account in the same insured institution, is each account separately insured?
- Can a depositor leave his/her deposit with the transferee institution?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- How does the closing of an institution affect interest accruing on a deposit?
Did You Know?
- Misconception: Mutual Funds are covered by Deposit Insurance. - Fact: Mutual funds, be they general or issued as a member’s proprietary funds, are NOT covered by deposit insurance.
