The DIC will issue certificates to cover the value of deposits in excess of the insured maximum of $125,000 as well as other uninsured claims against the failed institution.
Frequently Asked Questions
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- Are any other cash liabilities of financial institutions covered?
- If a depositor has an account in the main office of an institution and also at a branch office, are these accounts separately insured?
- Does the borrower’s obligations to the institution continue after the institution is closed?
Did You Know?
- Misconception: Certificates, deposit books and other documentary evidence of deposits held in a member institution are not relevant to making claims in the event of a failure. - Fact: A claim, supported by appropriate proof, must be made to the Deposit Insurance Corporation before payment of deposit insurance can be made. As such, all information including certificates, deposit books bank statements etc. would be required to facilitate a smooth payout process. See Tips for Depositors.