The DIC will notify depositors of the transfer of deposits and of the place and time that the deposits can be withdrawn from the transferee institution.
Frequently Asked Questions
- Does the borrower’s obligations to the institution continue after the institution is closed?
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
- How does the closing of an institution affect interest accruing on a deposit?
- When is the Liquidator appointed?
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.”