Payments, called dividends, depend on the rate of recovery from the liquidation of the assets of the institution, and the extent and priority of claims from other creditors of the institution. Final disbursements may take several years, depending on the type of assets to be realised.
Frequently Asked Questions
- When can an eligible depositor expect to receive his or her money?
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
- When is deposit insurance payable?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
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.