Fact: ONLY member institutions that are licensed under the Financial Institutions Act, 2008 are covered under the Deposit Insurance Fund. This legislation provides for the regulation of commercial banks and other institutions engaged in the business of banking and business of a financial nature.
Frequently Asked Questions
- When can an eligible depositor expect to receive his or her money?
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
- Does the borrower’s obligations to the institution continue after the institution is closed?
- Who should file a claim if more than one person is authorised to draw on an account?
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.
