The DIC transfers an amount equivalent to the total insured deposits of an institution to a financial institution under an agreement which will enable depositors of the failed institution to collect their entitlements from the financial institution.
Frequently Asked Questions
- Must a claim be filed in person?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- Which institutions depositors are insured by the DIC?
Did You Know?
- Misconception: Establishing more than one joint account in the same institution with the same names increases insurance coverage. - Fact: All joint accounts with the same names, notwithstanding alterations to the sequence of names, are added together and insured up to a maximum of TT$200,000.
