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
- How does the closing of an institution affect interest accruing on a deposit?
- Can a depositor leave his/her deposit with the transferee institution?
- In the event of a deposit transfer, how will a depositor know when and where he can withdraw his funds?
- What procedure does the DIC follow after an institution has been 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.
