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
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
- Who should file a claim if more than one person is authorised to draw on an account?
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
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.
