Frequently Asked Questions
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- Who should file a claim if more than one person is authorised to draw on an account?
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
Did You Know?
- Misconception: Depositors of a failed member institution have an unlimited time within which to make a claim on the Fund. - Fact: Depositors are granted a 12 month window in which to make a claim after which they can claim against the estate of the failed member. After the passage of 12 months, claims can only be made against the estate of the failed member institution payment for which would depend …
