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?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- Does the borrower’s obligations to the institution continue after the institution is closed?
- Who should file a claim if more than one person is authorised to draw on an account?
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.”
