Frequently Asked Questions
- How does the closing of an institution affect interest accruing on a deposit?
- What happens to those depositors whose accounts are subject to further examination?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- Does the borrower’s obligations to the institution continue after the institution is closed?
Did You Know?
- Misconception: Placing funds in any instrument offered by a member institution would be covered by the DIC - Fact: ONLY Savings Accounts (including interest), Current Accounts (including interest) and Fixed Deposit Accounts (including interest), inclusive of any outstanding balances due (uncleared deposits) to these accounts, are considered for deposit insurance coverage.