Fact: Deposit insurance is ONLY activated upon closure of a member institution.
Frequently Asked Questions
- 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 can an eligible depositor expect to receive his or her money?
- How does the closing of an institution affect interest accruing on a deposit?
- Are any other cash liabilities of financial institutions covered?
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.
