A claim must be filed by a person authorised to make withdrawals from the account. For example, a claim for deposit insurance on an account where either of two parties was authorised to sign for withdrawals may be made by either party. If two signatures were required to make withdrawals, both signatures will be required on the claim for deposit insurance.
Frequently Asked Questions
- If a person has an interest in more than one joint account, what is the extent of his or her insurance coverage?
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- In the event of a deposit transfer, how will a depositor know when and where he can withdraw his funds?
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$125,000.