UTC announces US dollar limits on TT$ Income Fund VISA Electron Card

UNIT Trust Corporation (UTC) customers have joined the ranks of credit card holders who, over the course of this year, have had a monthly limit placed on their US dollar transactions due to ongoing foreign exchange shortages.

The limit on US dollar transactions on UTC’s TT Income Fund VISA Electron Card became effective on October 2 with a notice about this posted on the company’s website. The daily ATM withdrawal limit has been reduced from TT $3,500 to $1,000 or approximately US $147; the daily Point of Sale limit has been cut from $20,000 to $5,000 or approximately US$735 and a monthly limit has been introduced of $20,000 or approximately US$2,940.

The UTC said all US dollar estimates fluctuate based on the daily exchange rate. “Imposed limits may be subject to future change based on availability and access to foreign exchange.” UTC also told customers it “will continue to seek ways to bring value to our unit holders, staying focused on meeting their investing needs.”

TT $120,000 over a 30-day period. Several months later, in August, Republic Bank Limited introduced a limit on the US dollar side of its credit cards.