Deposit insurance is payable only when an institution has been closed as a result of action taken by the Central Bank.
Frequently Asked Questions
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- Who should file a claim if more than one person is authorised to draw on an account?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- What does a deposit transfer involve?
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.
