Frequently Asked Questions
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- Can a depositor leave his/her deposit with the transferee institution?
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- 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.
