Yes. If each of the co-owners has personally signed a valid account signature card and has a right of withdrawal on the same basis as the other co-owners, the joint account and each of the individually owned accounts are separately insured up to the $200,000 maximum. (The execution of an account signature card is not required for time certificates of deposit or any other deposit obligation evidenced by a negotiable instrument, but the deposit must in law be jointly owned.) However, the insurance protection on joint accounts is not increased by rearranging the names of the owners, changing the style of the names, or by establishing more than one joint account for the same combination of owners in the same insured institution. No joint account shall in any case be entitled to insurance coverage in excess of $200,000.
Frequently Asked Questions
- When must a depositor file a claim?
- What procedure does the DIC follow after an institution has been closed?
- Who should file a claim if more than one person is authorised to draw on an account?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
Did You Know?
- Misconception: Placing funds in different types of deposits such as CDs, Chequing, Savings with the same member institution would increase insurance coverage. - 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.