Deposit insurance is payable only when an institution has been closed as a result of action taken by the Central Bank.
Frequently Asked Questions
- If a depositor has an account in the main office of an institution and also at a branch office, are these accounts separately insured?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- Does the borrower’s obligations to the institution continue after the institution is closed?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
Did You Know?
- Misconception: Establishing more than one joint account in the same institution with the same names increases insurance coverage. - Fact: All joint accounts with the same names, notwithstanding alterations to the sequence of names, are added together and insured up to a maximum of TT$200,000.
