Imbert will ask banks to relax fees during $100 exchange

Imbert will ask banks to relax fees during $100 exchange

Amidst reports that some businesses will no longer be accepting the existing $100 bills by this weekend, and the Banks charging fees for customers making the exchange for new polymer note, Finance Minister Colm Imbert said he would ask the banks if they could relax their fees. But, he cannot compel them to do so.

During a press conference yesterday, Imbert said that the banks are usually accommodating although most banks usually charge fees for certain transactions. Imbert said, “I’m told by the Bankers As­so­ci­a­tion that fees they’re charg­ing are stan­dard fees for the same type of transaction If any­one has in­for­ma­tion this isn’t true and banks are do­ing things they shouldn’t be, bring specifics to our attention.”

Meanwhile, the Central Bank of Trinidad and Tobago (CBTT) has updated its FAQ list with information regarding the exchange, which include visiting the Bank to exchange the bills, and guidelines informing persons governed by religious doctrine on how to change their bills. Take a look at the Q&A below:

What if I do not have a bank account?
BATT has indicated that for persons without bank accounts four of the banks (First Citizens Bank Limited, Republic Bank Limited, RBC Royal Bank (Trinidad and Tobago) Limited and Scotiabank Trinidad and Tobago Limited) will exchange the paper notes for the new polymer notes up to a limit of $10,000. Persons need to provide one form of identification, proof of address and sign a Source of Funds declaration.

What if I do not have a bank account and have more than $10,000 in $100 paper notes?
You may exchange your paper notes for the polymer notes at the Central Bank of Trinidad and Tobago on production of one form of identification, proof of address and Source of Funds declaration during the hours of 8:00 a.m. to 12 noon from Monday December 9 to Wednesday December 11, 2019. On weekdays, from Thursday December 12 to Tuesday December 31, 2019 (except on public holidays i.e Wednesday December 25 and Thursday December 26) the hours will be 8:00 a.m. to 3:00 p.m.

After December 31, 2019 can I still exchange my $100 paper notes for $100 polymer notes?
As provided for in Section 27A. (4) of the Central Bank Act Chap. 79:02, the Central Bank of Trinidad and Tobago will facilitate the exchange of the paper notes for the new polymer notes within the period of three months after December 31, 2019 (deadline date) if the Central  Bank is satisfied that the failure to present the notes for redemption prior to the deadline date resulted from circumstances beyond the control of the true owner of the notes or that there was some other good or sufficient reason for the failure to present the notes. Examples of what constitutes good and sufficient reason will be published in due course and would include specific situations of persons who provide acceptable evidence of being out of Trinidad and Tobago during the period December 9, 2019 and December 31, 2019, and thus unable to be physically present in the country during that period to deposit the paper notes or exchange the paper notes for the new polymer notes.

If because of religious beliefs I do not have a bank account but I wish to exchange my paper $100 notes for the polymer notes (e.g. member of the Muslim faith), what do I do?

You can change your paper notes for the $100 polymer notes at the Central Bank of Trinidad and Tobago subject to the procedures set out above. You will be required to produce one form of identification, proof of address and fill out a Source of Funds declaration.

For more information, visit CBTT’s website at:

https://www.central-bank.org.tt/sites/default/files/latest-news/frequently-asked-questions-100-dollar-polymer-note.pdf

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