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.
Frequently Asked Questions
- Does the borrower’s obligations to the institution continue after the institution is closed?
- If a depositor has more than $200,000 (the current insured limit) in a closed institution and is paid $200,000 by the DIC, what happens to the amount in excess of $200,000?
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
- Who should file a claim if more than one person is authorised to draw on an account?
Did You Know?
- Misconception: Deposit insurance can be claimed while the member institution is still continuing in operation. - Fact: Deposit insurance is ONLY activated upon closure of a member institution.
