If, for example, a depositor has a total claim of $130,000 he or she would, if the claim is approved, be paid $125,000. Such depositor would then claim against the Liquidator of the closed institution for the remaining $5,000. In respect of this $5,000, the depositor will be issued with a certificate of proof by the DIC of his or her claim. This certificate should then be presented to the Liquidator by the depositor who will be eligible to receive pro rata payment out of the assets of the institution, as and when they are realised or disposed of, in accordance with the laws of distribution in a liquidation.
Frequently Asked Questions
- If a depositor has more than $125,000 (the current insured limit) in a failed institution and is paid $125,000 by the DIC, what happens to the amount in excess of $125,000?
- When can an eligible depositor expect to receive his or her money?
- In the event of a deposit transfer, how will a depositor know when and where he can withdraw his funds?
- If a person has an interest in more than one joint account, what is the extent of his or her insurance coverage?
Did You Know?
- Misconception: Beneficiaries under all trust account arrangements are insured separately. - Fact: The interests held by beneficiaries established under an irrevocable express trust account are insured separately up to the maximum TT$125,000 prescribed limit. Additionally, interests in accounts held by the Settlor, Trustee or Administrator of an irrevocable trust account are insured separately from the interests of the beneficiaries named under …