The insured limit is a maximum of $125,000 for each depositor in respect of deposits held in each insured institution in each right and capacity.
Frequently Asked Questions
- What is a DIC certificate?
- Can a depositor leave his/her deposit with the transferee institution?
- If two or more persons, for example a husband and wife, have, in addition to the individually owned accounts of each, a valid joint account in the same insured institution, is each account separately insured?
- What happens to those depositors whose accounts are subject to further examination?
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.
