Fact: Mutual funds, be they general or issued as a member’s proprietary funds, are NOT covered by deposit insurance.
Frequently Asked Questions
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
- If a depositor has an account in the main office of an institution and also at a branch office, are these accounts separately insured?
- Does the borrower’s obligations to the institution continue after 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$200,000.
