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
- In the event of a deposit transfer, how will a depositor know when and where he can withdraw his funds?
- Who should file a claim if more than one person is authorised to draw on an account?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- How does the closing of an institution affect interest accruing on a deposit?
Did You Know?
- Misconception: Depositors of a failed member institution would receive payment immediately upon closure of the failed member. - 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.