The DIC will notify depositors of the transfer of deposits and of the place and time that the deposits can be withdrawn from the transferee institution.
Frequently Asked Questions
- What happens to those depositors whose accounts are subject to further examination?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- Which institutions depositors are insured by the DIC?
- How does the closing of an institution affect interest accruing on a deposit?
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.
