The interest of a beneficiary in a valid irrevocable trust, is insured up to $200,000 separately from the individual accounts of the settlor, the trustee or other beneficiaries. However, all trust interests created by the same settlor (grantor) in the same institution for the same beneficiary will be added together and insured in the aggregate up to a maximum of $200,000.
Frequently Asked Questions
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
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.
