If, for example, a depositor has a total claim of $130,000 he or she would, if the claim is approved, be paid $125,000. Such depositor would then claim against the Liquidator of the closed institution for the remaining $5,000. In respect of this $5,000, the depositor will be issued with a certificate of proof by the DIC of his or her claim. This certificate should then be presented to the Liquidator by the depositor who will be eligible to receive pro rata payment out of the assets of the institution, as and when they are realised or disposed of, in accordance with the laws of distribution in a liquidation.
Frequently Asked Questions
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.