The DIC is statutorily obligated to commence payment to depositors within three months of closure of an institution.
Frequently Asked Questions
- What does a deposit transfer involve?
- 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?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- 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 uninsured balance, being that portion of deposit/(s) over TT$125,000 for which a certificate was issued, would never be honoured by the DIC. - Fact: A liquidator’s certificate is issued to the depositor by the Corporation for the unsecured balance being that portion of the deposit over TT$125,000. If, the realizations from the disposal of assets net of the subrogated claim of the deposit insurer results in a surplus, then unsecured balances would be …