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.”
Frequently Asked Questions
- If a depositor has more than $125,000 (the current insured limit) in a failed institution and is paid $125,000 by the DIC, what happens to the amount in excess of $125,000?
- If a person has an interest in more than one joint account, what is the extent of his or her insurance coverage?
- What is a DIC certificate?
- When can an eligible depositor expect to receive his or her money?
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.”