Shareholders of a failed institution recover their investment only after all depositors and other creditors receive payment in full on their claims, including interest, in accordance with the laws governing liquidation.
Frequently Asked Questions
- How quickly will the Liquidator make payments on certificates?
- Can a depositor leave his/her deposit with the transferee institution?
- Who should file a claim if more than one person is authorised to draw on an account?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
Did You Know?
- Misconception: Placing funds in any instrument offered by a member institution would be covered by the DIC - Fact: ONLY Savings Accounts (including interest), Current Accounts (including interest) and Fixed Deposit Accounts (including interest), inclusive of any outstanding balances due (uncleared deposits) to these accounts, are considered for deposit insurance coverage.