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.
Frequently Asked Questions
- Does the borrower’s obligations to the institution continue after the institution is closed?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- Can a depositor leave his/her deposit with the transferee institution?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
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.
