Fact: ONLY Savings Accounts (including interest), Current Accounts (including interest) and Fixed Deposit Accounts (including interest), inclusive of any outstanding balances due (uncleared deposits) to these accounts, are considered for deposit insurance coverage.
Frequently Asked Questions
- Does the borrower’s obligations to the institution continue after the institution is closed?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
- How does the closing of an institution affect interest accruing on a deposit?
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.”
