Fact: The interests held by beneficiaries established under an irrevocable express trust account are insured separately up to the maximum TT$125,000 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
- If a person has an interest in more than one joint account, what is the extent of his or her insurance coverage?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
- How does the closing of an institution affect interest accruing on a deposit?
- 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: 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$125,000.