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
- Does the borrower’s obligations to the institution continue after the institution is closed?
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- Can a depositor leave his/her deposit with the transferee institution?
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.