Fact: Mutual funds, be they general or issued as a member’s proprietary funds, are NOT covered by deposit insurance.
Frequently Asked Questions
- How does the closing of an institution affect interest accruing on a deposit?
- Are any other cash liabilities of financial institutions covered?
- Does the borrower’s obligations to the institution continue after the institution is closed?
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
Did You Know?
- Misconception: Placing funds in any instrument offered by a member institution would be covered by the DIC - Fact: ONLY Savings Accounts (including interest), Current Accounts (including interest) and Fixed Deposit Accounts (including interest), inclusive of any outstanding balances due (uncleared deposits) to these accounts, are considered for deposit insurance coverage.
