The DIC transfers an amount equivalent to the total insured deposits of an institution to a financial institution under an agreement which will enable depositors of the failed institution to collect their entitlements from the financial institution.
Frequently Asked Questions
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
- Are foreign deposits insured?
Did You Know?
- Misconception: Deposit insurance can be claimed while the member institution is still continuing in operation. - Fact: Deposit insurance is ONLY activated upon closure of a member institution.