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Daily Monitor
Tuesday December 15 2020
Customers in a banking hall. The Deposit Protection Fund uses your personal information as provided to the bank to offer you deposit insurance when your bank closes. PHOTO/Kelvin Atuhaire
Summary
Depositors should update personal information with their respective financial institutions to ensure timely and convenient payment of their deposits in the unlikely event that a bank winds up.
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Banking crises have often left some customers struggling to claim their deposits.
Closed banks such as Greenland Bank, Teefe Bank, International Credit Bank, Cooperative bank, National Bank of Commerce, Global Trust Bank and Crane Bank Limited, not forgetting Nile Bank which changed hands to Barclays and now Absa are some examples of bank crises that affected some customers. ....

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