The DIC is statutorily obligated to commence payment to depositors within three months of closure of an institution.
Frequently Asked Questions
- If a depositor has an account in the main office of an institution and also at a branch office, are these accounts separately insured?
- Are any other cash liabilities of financial institutions covered?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- What happens to those depositors whose accounts are subject to further examination?
Did You Know?
- Misconception: Depositors of a failed member institution would receive payment immediately upon closure of the failed member. - Fact: The legislation governing the operations of the Deposit Insurance system provides for payout to commence within 3 months of the closure of a member institution.
