Fact: Depositors are granted a 12 month window in which to make a claim after which they can claim against the estate of the failed member. After the passage of 12 months, claims can only be made against the estate of the failed member institution payment for which would depend on the values realised from disposal of the assets.
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?
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- What procedure does the DIC follow after an institution has been closed?
- Must a claim be filed in person?
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.
