The DIC is statutorily obligated to commence payment to depositors within three months of closure of an institution.
Frequently Asked Questions
- How quickly will the Liquidator make payments on certificates?
- In the event of a deposit transfer, how will a depositor know when and where he can withdraw his funds?
- Are any other cash liabilities of financial institutions covered?
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
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.