Frequently Asked Questions
- Does the borrower’s obligations to the institution continue after the institution is closed?
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
- How does the closing of an institution affect interest accruing on a deposit?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
Did You Know?
- Misconception: All financial institutions that take deposits are covered under the Deposit Insurance Fund - Fact: ONLY member institutions that are licensed under the Financial Institutions Act, 2008 are covered under the Deposit Insurance Fund. This legislation provides for the regulation of commercial banks and other institutions engaged in the business of banking and business of a financial nature.
