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
- When can an eligible depositor expect to receive his or her money?
- Who should file a claim if more than one person is authorised to draw on an account?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- 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.
