Yes, a depositor, if he/she wishes, can open an account with the transferee institution for the full amount or part of his/her deposit.
Frequently Asked Questions
- Are any other cash liabilities of financial institutions covered?
- What happens to those depositors whose accounts are subject to further examination?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- When can an eligible depositor expect to receive his or her money?
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.
