Frequently Asked Questions
- Does the borrower’s obligations to the institution continue after the institution is closed?
- How does a depositor establish an insurance claim?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- Are any other cash liabilities of financial institutions covered?
Did You Know?
- Misconception: Depositors of a failed member institution would receive payment immediately upon closure of the failed member. - Fact: The legislation governing the operations of the Deposit Insurance system provides for payout to commence within 3 months of the closure of a member institution.