Frequently Asked Questions
- What types of deposits are insured?
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
- In the event of a deposit transfer, how will a depositor know when and where he can withdraw his funds?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
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.
