Frequently Asked Questions
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- Who should file a claim if more than one person is authorised to draw on an account?
- Does the borrower’s obligations to the institution continue after the institution is closed?
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 …
