Information regarding the date and place of payment will be posted on the doors of the closed institution, published in the press and indicated in notices sent to depositors.
Frequently Asked Questions
- When is the Liquidator appointed?
- Does the borrower’s obligations to the institution continue after the institution is closed?
- If a depositor has more than $200,000 (the current insured limit) in a closed institution and is paid $200,000 by the DIC, what happens to the amount in excess of $200,000?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
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.
