Fact: Deposit insurance is ONLY activated upon closure of a member institution.
Frequently Asked Questions
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
- Can a depositor leave his/her deposit with the transferee institution?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- When must a depositor file a claim?
Did You Know?
- Misconception: Placing funds in any instrument offered by a member institution would be covered by the DIC - Fact: ONLY Savings Accounts (including interest), Current Accounts (including interest) and Fixed Deposit Accounts (including interest), inclusive of any outstanding balances due (uncleared deposits) to these accounts, are considered for deposit insurance coverage.
