Tips for Depositors

The DIC takes a special interest in ensuring that the public is prepared in advance to deal with issues surrounding receipt of deposit insurance should a member institution fail. In this regard, we have provided a list of important tips that are intended to guide depositors so that in the event of a failure the process of receiving deposit insurance can be facilitated with relative ease. These are as follows:-

Safeguard deposit documents since these documents would be required when you are making a claim. If a depositor loses his/her passbook or other similar document, the depositor will be required to swear to a statutory declaration or document to that effect indicating his/her details of possession of items mentioned above. If a depositor is deceased, a copy of the letters of administration or grant of probate is required.
Safeguard your loan documents with the member institutions in which you also hold deposits.
Know the applicable interest rate to which you are entitled to receive on your deposit account.
Be aware of the implications involved in using your deposit as a guarantee for someone else’s loan. Ask your banker about your deposit insurance coverage under these arrangements.
Be aware of the extent of coverage within the different rights and capacities. Ask your banker about your deposit insurance coverage options under the different rights and capacities of Single, Joint and Trust Accounts ownership arrangements.
Be aware of the products that are covered by Deposit Insurance. Ask your banker for information regarding which products are covered under deposit insurance. Or contact the Deposit Insurance Corporation at our hot line number 1 (868) 800 4342 or email us at info@dictt.org.
Ensure that interest receivable on your deposit account is updated on a timely basis.
Ensure that deposits made to your account are updated on a timely basis.
When next you visit your bank request an Information Booklet on Deposit Insurance and retain this in a safe place.
If you change your address, you should notify your banker immediately to have the records reflect the new address.

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