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$125,000.
Frequently Asked Questions
- In the event of a deposit transfer, how will a depositor know when and where he can withdraw his funds?
- Can a depositor leave his/her deposit with the transferee institution?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- What happens to those depositors whose accounts are subject to further examination?
Did You Know?
- Misconception: Depositors of a failed member institution would receive payment immediately upon closure of the failed member. - 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.