Friday 10 April, 2020

BATT clarifies position on ‘unbanked’

Photo by Darlisa Ghouralal.

Photo by Darlisa Ghouralal.

Banks have assured that they are working to manage the exchange of "old" $100 notes to new polymer notes to make the transition as smooth as possible.

Giving an update on the process thus far, the Bankers Association of Trinidad &Tobago (BATT) assured that persons coming in without a bank account to exchange their old notes can do so without needing to open a bank account.

These individuals can go to any branch of First Citizens Bank, Republic Bank, RBC Royal Bank (Trinidad &Tobago) Limited, or Scotiabank Trinidad and Tobago Limited to exchange up to TT$10,000 in notes, subject to standard due diligence by the banks' AML/CFT and Know Your Customer (KYC) requirements.

BATT noted security concerns raised by clients and have assured that these are being addressed.

In this regard, it says security presence has been beefed up, both within the banking halls and on the banks' premises, for the protection of clients engaging in their banking transactions.

BATT restated its commitment to ensuring the most efficient transition over this period and to providing its clients with the best service possible.

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