Frequently Asked Questions
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
- What happens to those depositors whose accounts are subject to further examination?
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.
