Can a Depositor Leave His/Her Deposits with the Transferee Institution?

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• If a Depositor has Deposit Accounts in Different Insured Banks, will the Deposits be added together for the Purpose of Determining Insurance Coverage?

  No. The maximum insurance limit is applicable to deposits in each of the participating banks. In the case of a bank having one or more branches, the main office and all branch offices are considered as one bank. In summary, if a person has many ...

• What type of Deposits are Insured by the NDIC?

  Not all deposits in insured institutions are covered by the NDIC. All deposits of a licenced bank or any other insured deposit-taking financial institution shall be insured with the NDIC with the exception of the following: i.Inter-bank takings; ...

• How can a Depositor, whose name was omitted from the Deposit Register of a Failed Institution make a Claim?

  The depositor should contact NDIC through any of the channels provided in the answer to Question 65.

• What Methods of Payment does the NDIC use in meeting its Obligations to Depositors of a Failed Institution?

  The NDIC could pay depositors of a failed insured institution either by transfer to a financial institution with instructions to effect payments to depositors on its behalf, or directly by means of issuing cheques up to the insured limit which will ...

• Does the Borrower’s Obligations to the Institution Continue after the Institution is closed?

  Yes. When acting as Liquidator of a closed institution, the NDIC is acting on behalf of all creditors of that institution and its obligation is to collect all loans promptly and efficiently along with other assets of the institution.