Prior to any payment being made, every depositor will be required to provide original evidence of deposit ownership, such as a passbook, certificate of deposit, or the last statement (with paid cheques if applicable), and fill out an official claim form. DIC officials can assist with the filing of claims. Passbooks, certificates of deposit and other documents used to establish the claim for insurance must be surrendered on receipt of the deposit insurance payment.
Frequently Asked Questions
- How quickly will the Liquidator make payments on certificates?
- Does the borrower’s obligations to the institution continue after the institution is closed?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
Did You Know?
- Misconception: Depositors of a failed member institution would receive payment immediately upon closure of the failed member. - 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.
