Fact: The legislation governing the operations of the Deposit Insurance system provides for payout to commence within 3 months of the closure of a member institution.
Frequently Asked Questions
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- How does a depositor establish an insurance claim?
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.
