DPC claims pro­ce­dure

The Manica Post - - Constituency Say/opinion -

THE De­posit Pro­tec­tion Cor­po­ra­tion (DPC) Act(Chap­ter 24:29) stip­u­lates that DPC should com­mence com­pen­sa­tion as soon as prac­ti­ca­ble from the date of clo­sure of a con­trib­u­tory in­sti­tu­tion, pro­vided that the Cor­po­ra­tion shall wher­ever pos­si­ble en­sure the pay­ment of such com­pen­sa­tion within 60 days af­ter the con­trib­u­tory in­sti­tu­tion be­came in­sol­vent.

The process in­volves com­pi­la­tion and ver­i­fi­ca­tion by the DPC of: the de­posit reg­is­ter de­tail­ing the bal­ance in each ac­count; debt owed by the de­pos­i­tor; un­pro­cessed Real Time Gross Set­tle­ment (RTGS) bal­ances; and any other li­a­bil­i­ties owed to the bank.

The Cor­po­ra­tion may with­hold or off­set pay­ment of such por­tion of the pro­tected de­posit of the de­pos­i­tor in a failed con­trib­u­tory as may be re­quired to pro­vide for the pay­ment of any li­a­bil­ity of such de­pos­i­tor to the failed in­sti­tu­tion.

Bal­ances in more than one ac­count of the same class in favour of the same per­son with the same in­sol­vent con­trib­u­tory in­sti­tu­tion are ag­gre­gated and re­garded as a sin­gle de­posit, thus re­im­bursed up to the max­i­mum limit, which is cur­rently US$1,000.00 for banks that closed af­ter the 1st of June 2016.

Fol­low­ing the place­ment of a con­trib­u­tory in­sti­tu­tion in pro­vi­sional liq­ui­da­tion by the High Court, DPC ad­vises the in­sured de­pos­i­tors in writ­ing, via elec­tronic and print me­dia to col­lect claim forms from its of­fices or down­load from the cor­po­rate website www.dp­corp.co.zw in or­der for them to be com­pen­sated. Once a duly com­pleted claim form is sub­mit­ted to DPC to­gether with sup­port­ing doc­u­ments (cer­ti­fied copy na­tional iden­ti­fi­ca­tion card/ valid pass­port/valid driver’s li­cense), thor­ough vet­ting is car­ried out to au­then­ti­cate the claims.

The claim form should be cer­ti­fied by a Com­mis­sioner of Oaths. If a third party com­pletes a claim form on be­half of an­other de­pos­i­tor, a Power of At­tor­ney or af­fi­davit is re­quired des­ig­nat­ing the per­son au­tho­rised to sign doc­u­ments on be­half of the ac­count holder.

Claims on ac­counts of de­ceased de­pos­i­tors re­quire a let­ter of ad­min­is­tra­tion or an or­der from a court of law con­firm­ing the Ex­ecu­tor of the Es­tate. In the case of a joint ac­count where one party is de­ceased, a let­ter of ad­min­is­tra­tion or death cer­tifi­cate of the de­ceased de­pos­i­tor is re­quired be­fore pay­ment is made. Where the ac­count holder is a mi­nor, the par­ent or guardian should sub­mit a copy of the mi­nor’s birth cer­tifi­cate, af­fi­davit or any such doc­u­men­ta­tion by guardian con­firm­ing the mi­nor/par­ent re­la­tion­ship.

All al­ter­ations or era­sures on the claim form must be coun­ter­signed by the ac­count holder. Un­der nor­mal cir­cum­stances, claims are pro­cessed and fi­nalised within seven (7) work­ing days from date of sub­mis­sion of a duly com­pleted claim form. Speed and ef­fi­ciency is what the Cor­po­ra­tion strives to offer its clients. For the con­ve­nience of cus­tomers, DPC makes pay­ments via mo­bile re­mit­tances and bank trans­fers.

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