The Bankers Association of Trinidad & Tobago (BATT) member banks have noted the plan of the Central Bank of Trinidad and Tobago and the Government to demonetize the existing TTD100 note and transition to a new polymer note.
In a release sent this afternoon BATT says that they are committed to working with their customers to make this transition as smooth as possible.
Members of the public are advised of the following:
- Customers are encouraged to visit their respective banks to facilitate the exchange and are encouraged to deposit the cash into their account.
- For existing bank customers cash withdrawals or exchange of no more than TTD50,000.00 would be facilitated in the first instance. Withdrawals in excess of TTD50,000.00 will only be facilitated in line with the customer’s banking pattern. Existing customers requiring amounts larger than TTD50,000.00 are requested to advise their bank of their needs and the bank will make best efforts to provide same within 48 hours of notification. Such deposits and/or cash exchange will be subject to the standard due diligence requirements of each bank.
- For individuals without a Bank account and subject to a limit of TTD10,000.00, First Citizens Bank Limited, Republic Bank Limited, Royal Bank and Scotiabank will facilitate one to one exchange of cash over the counter. Said customers will be required to: (a) provide one form of national identification which shows nationality; (b) proof of address; and (c) sign a Source of Funds declaration.
- All Banks are working diligently to ensure that ATMs are able to accept the new polymer TTD100 note within the shortest possible time frame.
- All Banks will continue to be guided by their existing Know Your Customer (KYC) framework and Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) programmes during this process.
BATT thanks the public in advance for its cooperation and understanding during this transition period.