Fact: The legislation governing the operations of the Deposit Insurance system provides for payout to commence within 3 months of the closure of a member institution.
Frequently Asked Questions
- Can a depositor leave his/her deposit with the transferee institution?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- When must a depositor file a claim?
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.
