The DIC is statutorily obligated to commence payment to depositors within three months of closure of an institution.
Frequently Asked Questions
- Who should file a claim if more than one person is authorised to draw on an account?
- Must a claim be filed in person?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- What happens to those depositors whose accounts are subject to further examination?
Did You Know?
- Misconception: Placing funds in different types of deposits such as CDs, Chequing, Savings with the same member institution would increase insurance coverage. - Fact: Deposits held by the same person in the same member institution in the form of CD’s, Chequing and Savings accounts are added together and insured up to a maximum of TT$200,000.
