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 does the closing of an institution affect interest accruing on a deposit?
- If a depositor has an account in the main office of an institution and also at a branch office, are these accounts separately insured?
- What is a Liquidator’s certificate?
- What procedure does the DIC follow after an institution has been closed?
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.”
