The DIC may pay depositors either by transfer to a financial institution with instructions to effect payment to depositors on its behalf, or directly by means of cheques up to the insured limit which will be collected at the DIC’s offices.
Frequently Asked Questions
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- When can an eligible depositor expect to receive his or her money?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- What happens to those depositors whose accounts are subject to further examination?
Did You Know?
- Misconception: Depositors of a failed member institution have an unlimited time within which to make a claim on the Fund. - Fact: Depositors are granted a 12 month window in which to make a claim after which they can claim against the estate of the failed member. After the passage of 12 months, claims can only be made against the estate of the failed member institution payment for which would depend …
