Scotiabank ATMs not ready for new $100s

FINANCE Minister Colm Imbert said three of the country's four major banks have begun dispensing the new $100 polymer notes from their ATMs, while Scotiabank was having some difficulties.

He was speaking on Thursday during the post-Cabinet media conference at the Diplomatic Centre, St Ann's.

Imbert said the decision was motivated by national security operations and the role of the Finance Minister and Central Bank to support the Ministry of National Security in security initiatives.

He reported that the Finance Ministry met with the banks on two occasions and it may be necessary to meet with them again in a day or two.

The ministry has been receiving status reports through the Bankers Association and an informal grouping of the four major banks (Royal Bank, Republic Bank, First Citizens Bank and Scotiabank) which handles the major banking transactions in the country, compared to much smaller banks like JMMB, CIBC FirstCaribbean International Bank and Citibank.

He reported that at the first meeting , the four major banks were asked to bring their "operations people," who work across the counter and deal with deposits and changing notes, those who deal with the ATMs and their security.

He said initially some banks said changing the ATMs would take one to two months, while others said three months.

He reported, however, that as of Wednesday First Citizens had begun dispensing the new notes at some ATMs, Republic Bank was dispensing from more than half its ATMs and RBC would "follow suit."

He explained the three banks use the same ATM supplier and technology, but Scotiabank used image recognition, which was a next-generation technology, and needed more time for the conversion. Asked when Scotiabank would change itsATMs Imbert said he could not say, as the bank had not yet provided an update.

National Security Minister Stuart Young thanked the banks for very quickly working along with the Central Bank and the Government.

"We recognised it would be an inconvenience," he conceded.

He said not even the banks were aware of the change before the announcement.

He reported the vast majority of banks were dispensing the new polymer notes and "very shortly" all will be dispensing them.

He said the Government has noticed some inconvenience at the banks and the Bankers Association had sent out releases on the issue.