The DIC determines from the records of the institution how much a depositor should be paid, based on the principal balance on account with the institution, along with interest accrued up to the date of the institution’s closure. If this amount is not what the depositor expects to receive, the depositor must then provide proof to the DIC to substantiate his or her claim.
Frequently Asked Questions
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- How does the closing of an institution affect interest accruing on a deposit?
Did You Know?
- Misconception: The Deposit Insurance Corporation (DIC) is empowered to close a member institution. - Fact: A member institution licensed under the Financial Institutions Act, 2008 can only be “closed by or with the approval of The Central Bank of Trinidad and Tobago as a result of financial difficulties.”
