Fact: Deposit insurance is ONLY activated upon closure of a member institution.
Frequently Asked Questions
- What does a deposit transfer involve?
- Must a claim be filed in person?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- If a person has an interest in more than one joint account, what is the extent of his or her insurance coverage?
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.”