Information regarding the date and place of payment will be posted on the doors of the closed institution, published in the press and indicated in notices sent to depositors.
Frequently Asked Questions
- How does the closing of an institution affect interest accruing on a deposit?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- When is deposit insurance payable?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
Did You Know?
- Misconception: The Deposit Insurance Corporation (DIC) is empowered to close a member institution. - Fact: A member institution licensed under the Financial Institutions Act, 2008 can only be “closed by or with the approval of The Central Bank of Trinidad and Tobago as a result of financial difficulties.”
