Friday 17 January, 2020

Scotiabank rolls out plan to change $100s for customers, non-bankers

Scotiabank Trinidad and Tobago Limited says it will facilitate the changing of $100 notes for its customers as well as a one-time exchange for unbanked individuals (persons who do not maintain an account at any bank).

This, after the Parliament passed the Proceeds of Crime and Central Bank Bill to change the existing note to a polymer one on December 6, 2019. It will now go to the Senate for debate. However, citizens have to make the change before the end of the year. 

As such and in compliance with the move to demonetize the existing note, Scotiabank issued the following advice to its banking customers: 

- Kindly visit your home branch (branch where account is domiciled) to facilitate the exchange.

- A limit of TT$50,000 is applied to withdrawals/exchange in the first instance.

- Funds will need to be deposited into your account in order to facilitate the exchange and can then be withdrawn if required, up to TT$50,000.

- If you require amounts in excess of TT$50,000 in cash of the new polymer note, you will be required to submit a request and the Bank will seek to honour within 48 hours if this is within your normal withdrawal pattern.

- Transactions outside your normal profile will need to be substantiated/documented.

- Normal Know Your Customer/Anti Money Laundering and Counter Financing of Terrorism (AML/CFT) guidelines will apply in each transaction.

-  Scotiabank will enhance its security measures at its branches to help customers during this time.

For persons without an account at any bank, the following is advised:

- A limit of TT$10,000.00 will be facilitated over the counter as a one-time exchange.

- You will be required to attest to the fact that you don’t presently maintain banking services and provide (a) provide one form of national identification which shows nationality; (b) proof of address; and (c) sign a Source of Funds declaration.

- Normal Know Your Customer/Anti Money Laundering and Counter Financing of Terrorism (AML/CFT) guidelines will apply in each transaction.

ATMs will continue to accept and payout the existing TT$100 until December 31, 2019.

"We encourage you to continue using digital channels – point of sale, cash merchant services, online banking as far as possible to conduct transactions."

Meanwhile, Business, Commercial and Corporate customers are required to utilise the night deposit facility during the month of December for making deposits.

"This is a more convenient and safe option that saves you time. If you do not have access to the night deposit facility, please speak with a branch representative for details."

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