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
- Does the borrower’s obligations to the institution continue after the institution is closed?
- What happens to those depositors whose accounts are subject to further examination?
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
- What procedure does the DIC follow after an institution has been closed?
Did You Know?
- Misconception: Depositors of a failed member institution have an unlimited time within which to make a claim on the Fund. - 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 …
