The DIC may pay depositors either by transfer to a financial institution with instructions to effect payment to depositors on its behalf, or directly by means of cheques up to the insured limit which will be collected at the DIC’s offices.
Frequently Asked Questions
- Which institutions depositors are insured by the DIC?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- What happens to those depositors whose accounts are subject to further examination?
Did You Know?
- Misconception: Mutual Funds are covered by Deposit Insurance. - Fact: Mutual funds, be they general or issued as a member’s proprietary funds, are NOT covered by deposit insurance.