The Corporation will offset the balance on a deposit account, including any uninsured portion, against a loan if the loan and deposit are held by the same person or persons.
Frequently Asked Questions
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- If a depositor has an account in the main office of an institution and also at a branch office, are these accounts separately insured?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- What procedure does the DIC follow after an institution has been closed?
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 …