In Zimbabwe, the Deposit Protection Corporation (DPC) Act (Chapter 24:29) stipulates that DPC should commence compensation within 60 days after the contributory institution becomes insolvent.
Compensation Process
The process involves the compilation and verification by the DPC of the deposit register detailing the balance in each account and netting off any debt owed by the depositor; unprocessed Real Time Gross Settlement (RTGS) balances; and any other liabilities owed to the bank.
Claim Submission and Verification
Following the placement of a contributory institution in 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 them from the corporate website (www.dpcorp.co.zw) for them to be compensated. Once a properly completed claim form is submitted to DPC or a claim advice is received via the DPC website, the claims are thoroughly vetted to ensure their authenticity.
Special Circumstances
- Claims on Behalf of Depositors
If another person completes a claim form on behalf of the depositor, a Power of Attorney or affidavit which designates the person authorized to sign documents on behalf of the account holder, is required.
- Deceased Depositors
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.
- Joint Accounts
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.
- Minor Account Holders
Where the account holder is a minor, the parent or guardian should submit a copy of the minor’s birth certificate, affidavit, or any documentation confirming the minor/parent relationship.
Claim Processing and Payment
All alterations or erasures on the claim form must be countersigned by the account holder. Under normal circumstances, claims are processed and finalized within 7 working days from the date of submission as the Corporation strives for speed and efficiency. For the convenience of customers, DPC makes payments via mobile remittances and bank transfers.
Efficiency and Convenience Measures
Claims can also be processed without the need for a client to submit a claim form in instances where a client’s registered name under a mobile number is similar to the account name in our records. This obviates the need for clients to physically visit our offices to complete claim forms.
Timeframe for Claims Submission
The depositor has between 90 days and 36 months to claim his/her deposit depending on the mode of communication used by the Corporation.
Forfeiture of Unclaimed Funds
Any unclaimed funds after the window period will be forfeited to the Deposit Protection Fund.
Review of Protection Cover Levels
The protection cover levels are regularly reviewed in line with prevailing macroeconomic conditions.