Deposit insurance is payable only when an institution has been closed as a result of action taken by the Central Bank.
Frequently Asked Questions
- What happens to those depositors whose accounts are subject to further examination?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- What types of deposits are insured?
Did You Know?
- Misconception: Depositors of a failed member institution would receive payment immediately upon closure of the failed member. - Fact: The legislation governing the operations of the Deposit Insurance system provides for payout to commence within 3 months of the closure of a member institution.