Frequently Asked Questions
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
- What procedure does the DIC follow after an institution has been closed?
- What is a DIC certificate?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
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.
