The DIC will notify depositors of the transfer of deposits and of the place and time that the deposits can be withdrawn from the transferee institution.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 methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
Did You Know?
- Misconception: Deposit insurance can be claimed while the member institution is still continuing in operation. - Fact: Deposit insurance is ONLY activated upon closure of a member institution.
