Frequently Asked Questions
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
- What procedure does the DIC follow after an institution has been closed?
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.
