Frequently Asked Questions
- What procedure does the DIC follow after an institution has been closed?
- Who should file a claim if more than one person is authorised to draw on an account?
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
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.
