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
- What types of deposits are insured?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- 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?
- How does a depositor establish an insurance claim?
Did You Know?
- Misconception: Mutual Funds are covered by Deposit Insurance.- Fact: Mutual funds, be they general or issued as a member’s proprietary funds, are NOT covered by deposit insurance.