Payments, called dividends, depend on the rate of recovery from the liquidation of the assets of the institution, and the extent and priority of claims from other creditors of the institution. Final disbursements may take several years, depending on the type of assets to be realised.
Frequently Asked Questions
- Must a claim be filed in person?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- How quickly will the Liquidator make payments on certificates?
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.
