Frequently Asked Questions
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
- What procedure does the DIC follow after an institution has been closed?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- If a depositor has more than $125,000 (the current insured limit) in a failed institution and is paid $125,000 by the DIC, what happens to the amount in excess of $125,000?
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.