All types of deposits received by a licensed institution in its usual course of business are insured. These include balances held on savings and chequing accounts, demand deposits, and time deposits. The exceptions are letters of credit, stand-by letters of credit and similar instruments, inter-bank deposits, deposits from affiliated companies and foreign currency accounts.
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?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
- When can an eligible depositor expect to receive his or her money?
- If a depositor has an account in the main office of an institution and also at a branch office, are these accounts 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.”
