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
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- In the event of a deposit transfer, how will a depositor know when and where he can withdraw his funds?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
- Can a depositor leave his/her deposit with the transferee institution?
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.
