Fact: The interests held by beneficiaries established under an irrevocable express trust account are insured separately up to the maximum TT$200,000 prescribed limit. Additionally, interests in accounts held by the Settlor, Trustee or Administrator of an irrevocable trust account are insured separately from the interests of the beneficiaries named under an irrevocable express trust account.
Frequently Asked Questions
- When can an eligible depositor expect to receive his or her money?
- Does the borrower’s obligations to the institution continue after the institution is closed?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- How does the closing of an institution affect interest accruing on a deposit?
Did You Know?
- Misconception: Depositors of a failed member institution would receive payment immediately upon closure of the failed member. - Fact: The legislation governing the operations of the Deposit Insurance system provides for payout to commence within 3 months of the closure of a member institution.
