The DIC is statutorily obligated to commence payment to depositors within three months of closure of an institution.
Frequently Asked Questions
- What happens to those depositors whose accounts are subject to further examination?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- Does the borrower’s obligations to the institution continue after the institution is closed?
- When is the Liquidator appointed?
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.
