Interest will be paid on an account up to the date of closure of an institution, even if the maturity date of the account is beyond the date of closure.
Frequently Asked Questions
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- How quickly will the Liquidator make payments on certificates?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
Did You Know?
- Misconception: Depositors of a failed member institution have an unlimited time within which to make a claim on the Fund. - Fact: Depositors are granted a 12 month window in which to make a claim after which they can claim against the estate of the failed member. After the passage of 12 months, claims can only be made against the estate of the failed member institution payment for which would depend …
