The DIC may pay depositors either by transfer to a financial institution with instructions to effect payment to depositors on its behalf, or directly by means of cheques up to the insured limit which will be collected at the DIC’s offices.
Frequently Asked Questions
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- Are Mutual Funds insured?
- How quickly will the Liquidator make payments on certificates?
- If two or more persons, for example a husband and wife, have, in addition to the individually owned accounts of each, a valid joint account in the same insured institution, is each account separately insured?
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.”
