A claim must be filed by a person authorised to make withdrawals from the account. For example, a claim for deposit insurance on an account where either of two parties was authorised to sign for withdrawals may be made by either party. If two signatures were required to make withdrawals, both signatures will be required on the claim for deposit insurance.
Frequently Asked Questions
- Are foreign deposits insured?
- What happens to those depositors whose accounts are subject to further examination?
- Who should file a claim if more than one person is authorised to draw on an account?
- If a depositor has more than $200,000 (the current insured limit) in a closed institution and is paid $200,000 by the DIC, what happens to the amount in excess of $200,000?
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.
