Fact: Deposit insurance is ONLY activated upon closure of a member institution.
Frequently Asked Questions
- Are any other cash liabilities of financial institutions covered?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
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.
