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
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
- When is the Liquidator appointed?
- How is a depositor notified of the date and place of payment of his or her claim after an institution is closed?
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
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.
