Scotia outlines procedure for $100 changeover

In executing government's plan to demonetize the existing $100 note and transition to the new polymer note, Scotiabank in a release last night said that it will only facilitate the process for its customers or a one-time exchange for unbanked individuals (persons who do not maintain an account at any bank).

Scotia advised that to facilitate the process its customers must visit their home branch (branch where account is domiciled) to facilitate the exchange. A limit of TT$50,000 is applied to withdrawals/exchange in the first instance. Funds will need to be deposited into your account in order to facilitate the exchange and can then be withdrawn if required, up to TT$50,000.

If a Scotia customer requires amounts in excess of TT$50,000 in cash, of the new polymer note, that person will be required to submit a request and the Bank will seek to honor within 48 hours, if this is within your normal withdrawal pattern.

Transactions outside one's normal profile will need to be substantiated/documented, the bank advised. Normal Know Your Customer/Anti Money Laundering and Counter Financing of Terrorism (AML/CFT) guidelines will apply in each transaction. The bank statement assured that it will enhance its security measures at all branches to help Scotia customers during this time of change.

The facilitation of process for people without an account at any bank includes a limit of TT$10,000 will be facilitated over the counter as a one-time exchange.

Such a customer will be required to attest to the fact that they don’t presently maintain banking services and provide (a) one form of national identification which shows nationality; (b) proof of address; and (c) sign a Source of Funds declaration.

Normal Know Your Customer/Anti Money Laundering and Counter Financing of Terrorism (AML/CFT) guidelines will apply in each transaction with unbanked individuals.

Scotia also said its ATMs will continue to accept and pay out the existing TT$100 until December 31. "We encourage you to continue using digital channels – point of sale, cash merchant services, online banking as far as possible to conduct transactions," the Bank said.

Given the particular situation, Scotia continued, our business, commercial and corporate customers will be required to utilise the night deposit facility during the month of December for making deposits.

"This is a more convenient and safe option that saves you time. If you do not have access to the night deposit facility, please speak with a branch representative for details."