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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 happens to those depositors whose accounts are subject to further examination?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- If two or more persons, for example a husband and wife, have, in addition to the individually owned accounts of each, a valid joint account in the same insured institution, is each account separately insured?
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.