The Corporation will offset the balance on a deposit account, including any uninsured portion, against a loan if the loan and deposit are held by the same person or persons.
Frequently Asked Questions
- When can an eligible depositor expect to receive his or her money?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- Can a depositor leave his/her deposit with the transferee institution?
- Who should file a claim if more than one person is authorised to draw on an account?
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 …