THE BANKERS’ Association of Trinidad and Tobago (BATT) states that existing banking customers can only access up to $50,000 of the new $100 polymer bills.
Non-customers will be able to only access $10,000 of the new bills from a bank.
In a release on Monday, BATT stated that member banks have noted the plan of the Central Bank and the Government to demonetise the existing $100 note and transition to a new polymer note.
The old bill will cease being legal tender after December 31, 2019.
It said, “We are committed to working with our customers to make this transition as smooth as possible.”
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BATT encouraged customers to visit their banks to facilitate the exchange and encouraged them to deposit their cash into their accounts.
It stated, “Existing customers requiring amounts larger than $50,000 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.”
BATT stated that for people without a bank account, subject to a limit of $10,000, First Citizens Bank, Republic Bank, Royal Bank and Scotiabank will facilitate one-to-one exchange of cash over the counter.
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These customers will be required to provide one form of national ID which shows nationality; proof of address; and sign a source-of-funds declaration.
It stated, “All banks are working diligently to ensure that ATMs are able to accept the new polymer TT $100 note within the shortest possible time frame.”
And at least one bank so far has extended its banking hours to facilitate the exchange of the $100 bills for the new polymer ones.
Republic Bank will open from 8 a.m. to 4 p.m. Monday to Thursday and from 8 a.m. to 5 p.m. on Friday with no closure during the day.
Mall branches will be open from 10 a.m. to 5 p.m.
