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
- Can a depositor leave his/her deposit with the transferee institution?
- In the event of a deposit transfer, how will a depositor know when and where he can withdraw his funds?
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
- Which institutions depositors are insured by the DIC?
Did You Know?
- Misconception: Establishing more than one joint account in the same institution with the same names increases insurance coverage. - Fact: All joint accounts with the same names, notwithstanding alterations to the sequence of names, are added together and insured up to a maximum of TT$200,000.
