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?
- When can an eligible depositor expect to receive his or her money?
- What happens to those depositors whose accounts are subject to further examination?
- Does the borrower’s obligations to the institution continue after the institution is closed?
Did You Know?
- Misconception: Certificates, deposit books and other documentary evidence of deposits held in a member institution are not relevant to making claims in the event of a failure. - Fact: A claim, supported by appropriate proof, must be made to the Deposit Insurance Corporation before payment of deposit insurance can be made. As such, all information including certificates, deposit books bank statements etc. would be required to facilitate a smooth payout process. See Tips for Depositors.
