JMMB Bank imposes US $ limits on VISA Debit Card

JMMB Bank has joined the list of banks which have announced a monthly US dollar spending limit.

In JMMB’s case, effective October 29, VISA debit card holders will have “a foreign currency limit equivalent to TT$3,500 per month (on) all foreign currency online transactions, including wire transfers and international point of sale purchases.”

In an email notification sent on Tuesday, the bank’s managing director and CEO Nigel Romano said, “this limitation will impact access to US dollars and all other foreign currencies. You should note that you will not be able to access foreign currency cash via ATMs. However, your TT dollar limits will not be impacted.”

This announcement came one day after UTC issued its own email notice to customers on Monday informing them of spending limits on US dollar transactions on UTC’s TT Income Fund VISA Electron Card.

JMMB’s CEO thanked customers for their patience over the past few months as the banks has been “dealing with the challenge of accessing foreign currency to facilitate your use of our international VISA debit cards.”

Romano said due to the “precipitous decline in the availability of US dollars across the board in the country, it has become necessary to implement a transaction limit on purchases or withdrawals originating outside of TT.” Recognising that some clients may need to use their card for travel or emergencies overseas, Romano advised them to contact their home branch or JMMB’s Help Desk at 800-JMMB (5662) extension 2022/2023.

“We understand that this is a significant inconvenience, and we underscore our continued commitment to partnering with our clients in the best interest of all,” Romano assured.