Fact: Mutual funds, be they general or issued as a member’s proprietary funds, are NOT covered by deposit insurance.
Frequently Asked Questions
- When can an eligible depositor expect to receive his or her money?
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
- Which institutions depositors are insured by the DIC?
Did You Know?
- Misconception: All financial institutions that take deposits are covered under the Deposit Insurance Fund - Fact: ONLY member institutions that are licensed under the Financial Institutions Act, 2008 are covered under the Deposit Insurance Fund. This legislation provides for the regulation of commercial banks and other institutions engaged in the business of banking and business of a financial nature.
