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
- If a depositor has more than $125,000 (the current insured limit) in a failed institution and is paid $125,000 by the DIC, what happens to the amount in excess of $125,000?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
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.