When an institution has been closed by the Central Bank and a winding-up order is issued by the Court, each depositor will be notified in writing at the depositor’s last address on record with the institution. This notification will be mailed shortly after the institution closes. Notification will also be given in the press.
Frequently Asked Questions
- 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?
- Must a claim be filed in person?
- Does the borrower’s obligations to the institution continue after the institution is closed?
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
Did You Know?
- Misconception: Mutual Funds are covered by Deposit Insurance. - Fact: Mutual funds, be they general or issued as a member’s proprietary funds, are NOT covered by deposit insurance.
