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
- How does the closing of an institution affect interest accruing on a deposit?
- What happens to those depositors whose accounts are subject to further examination?
- If a depositor has an account in the main office of an institution and also at a branch office, are these accounts separately insured?
- Are foreign deposits insured?
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.
