Frequently Asked Questions
- Can a depositor leave his/her deposit with the transferee institution?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- When must a depositor file a claim?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
Did You Know?
- Misconception: All financial institutions that take deposits are covered under the Deposit Insurance Fund - Fact: ONLY member institutions that are licensed under the Financial Institutions Act, 2008 are covered under the Deposit Insurance Fund. This legislation provides for the regulation of commercial banks and other institutions engaged in the business of banking and business of a financial nature.
