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RedVEVO
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Re: Best Bank for Savings Account

Postby RedVEVO » May 1st, 2018, 10:26 pm

metalgear2095 wrote:
RedVEVO wrote:
Ted_v2 wrote:Mad scn yes. I does move with cash majority of the time. Pull out a few k and rally that for a few months. Swipe when cannot cover purchases with cash


Yes .. this is the way to rock and roll :D

PNM making us go back to cash transactions ..

And I wonder why ?

Where pnm come in that?


PNM controlling the Banks - Thru Central Bank.

So Banks bussing charges, fees etc., on T&T - Banks making $$$ Millions in profit.

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Joshie23
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Re: Best Bank for Savings Account

Postby Joshie23 » June 1st, 2018, 7:10 pm

Gents, I know this is about Savings Accounts but if I'm registering a business, which bank is the lesser of all the evils in terms of a business account?

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Re: Best Bank for Savings Account

Postby 88sins » June 1st, 2018, 8:02 pm

RBL decent, not a lot of charges & easy to open the account.
EFTPOS fees not too bad either

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Re: Best Bank for Savings Account

Postby RedVEVO » June 1st, 2018, 11:01 pm

redmanjp wrote:
death365 wrote:ALL banks give 0.005% interest, so wha u hav to do is only pass d money thru the bank and put the rest in credit unions/ unit trust/ tax savings plan etc

but FCB is the best(aka cheapest)


Any credit unions have linx?


Yes

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Re: Best Bank for Savings Account

Postby RedVEVO » June 1st, 2018, 11:02 pm

Joshie23 wrote:Gents, I know this is about Savings Accounts but if I'm registering a business, which bank is the lesser of all the evils in terms of a business account?


RBL

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Joshie23
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Re: Best Bank for Savings Account

Postby Joshie23 » June 2nd, 2018, 8:10 am

Thanks for the responses, gents. I'm already with Republic so I'll check them out.

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not_a_monkey
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Re: Best Bank for Savings Account

Postby not_a_monkey » June 2nd, 2018, 12:38 pm

Joshie23 wrote:Thanks for the responses, gents. I'm already with Republic so I'll check them out.
You may only be able to open a Commercial account as a business contributes to the cash flow. No debit card issued only a cheque book. $25 s/charge and $1.00 per each transaction; debits & credits. Last time I checked with Rbl that's the info I got.

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Re: Best Bank for Savings Account

Postby Joshie23 » June 2nd, 2018, 3:02 pm

not_a_monkey wrote:
Joshie23 wrote:Thanks for the responses, gents. I'm already with Republic so I'll check them out.
You may only be able to open a Commercial account as a business contributes to the cash flow. No debit card issued only a cheque book. $25 s/charge and $1.00 per each transaction; debits & credits. Last time I checked with Rbl that's the info I got.


Thanks for that feedback. When I said I'm already with Republic, I meant I have a chequing account with them already. But no debit card? So if I need to make even a small deposit I need to visit the teller? Then again, commercial has it's own line so there would be less hassle. Who did you end up going with?

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Re: Best Bank for Savings Account

Postby Infamouz » June 4th, 2018, 3:25 pm


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not_a_monkey
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Re: Best Bank for Savings Account

Postby not_a_monkey » June 4th, 2018, 7:47 pm

Joshie23 wrote:
not_a_monkey wrote:
Joshie23 wrote:Thanks for the responses, gents. I'm already with Republic so I'll check them out.
You may only be able to open a Commercial account as a business contributes to the cash flow. No debit card issued only a cheque book. $25 s/charge and $1.00 per each transaction; debits & credits. Last time I checked with Rbl that's the info I got.


Thanks for that feedback. When I said I'm already with Republic, I meant I have a chequing account with them already. But no debit card? So if I need to make even a small deposit I need to visit the teller? Then again, commercial has it's own line so there would be less hassle. Who did you end up going with?
I was finding out for a friend. Think they went with a different bank, and yeah no card was a surprising let-down.

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Re: Best Bank for Savings Account

Postby redmanjp » June 5th, 2018, 7:28 am

What about Credit Unions though? Who pays the highest interest rate? My Guardian rep keeps pushing me to start saving with one

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Banking fees

Postby nightcrawler » April 12th, 2019, 1:23 pm

Anyone knows the cost associated with transferring money etc from republic to Scotia (online banking).

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Re: Banking fees

Postby Strugglerzinc » April 12th, 2019, 1:36 pm

Don't think you have that option with republic online. Please correct me if I'm wrong, that option would be great.

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Re: Banking fees

Postby daxt0r » April 12th, 2019, 1:55 pm

That's not possible with Republic, plus boy i had to leave them recently as they charging per transaction for even Republic Online withdrawals to pay your own CC and bills. With a normal *free* account only allowed 2 free withdrawals per quarter which means if you even have a single monthly standing order and withdraw nothing else you will still have to pay.

FCB has this feature, i did transfer from FCB online portal to my Republic account, but it took a few days to show up.

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Re: Banking fees

Postby VexXx Dogg » April 12th, 2019, 2:32 pm

Strugglerzinc wrote:Don't think you have that option with republic online. Please correct me if I'm wrong, that option would be great.


they dont have that. i asked and was flabbergasted at their response
quite dumb.

fcb can transfer inside and outside, no issues

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Re: Banking fees

Postby Rockram » April 12th, 2019, 10:25 pm

The cost to transfer from Scotia to republic Bank is 1.25$ per online transfer... Don't think the reverse is possible...BTW Same with RBC

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Using Multiple banks

Postby Chris00007 » November 21st, 2020, 10:37 pm

I have a FCB Statement Savings account and Republic Bank RS account. Recently I realised that my RS account at republic bank got deactivated (maybe because I didn't use it for over two years) but I'm still supposed to have a decent amount of money there.

Should I just withdraw and close down the RBL account and transfer everything to FCB or is there any benefits of having two separate banks? I'm a university student and don't have a salary coming in so my accounts are usually just dormant, but I'm being advised that it's always good to have two banks rather than one (even tho I only ever use FCB)

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Re: Multiple banks

Postby bluefete » November 22nd, 2020, 7:56 am

You must ALWAYS keep an eye on any monies you have in the banks, especially if you do not use them. Here is why.

Bank charges can zero out your account faster than you know.

Go and check to see how much money RBL "thief" from your account before they "deactivated" it. Was it deactivated because of inactivity for 2 years? Or was it deactivated because it has no more money in it?

WRT your question about having 2 separate bank accounts:

Any money you have in a savings/current account in the bank is insured up to a maximum of $125,000.00. It is better to have accounts in 2 separate banks rather than put all your eggs in one basket.

However, you must check to see how much money you are losing every month to bank charges versus how much interest you are getting. I can guarantee you that the interest you get is miniscule versus what they are taking out (depending on the type of account you have).

It is damn hard to open a bank account today, so it is better if you keep the 2 accounts at the 2 banks.

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Re: Multiple banks

Postby The_Honourable » November 22nd, 2020, 8:50 am

Suggest you keep both accounts.

When you start to work, one will be needed for your salary deposits.

Also when you are doing Linx transactions, there will be the occasion where one of the transactions will fail with bank card A. It's good to have bank card B as a backup to continue the transaction and avoid embarrassment.

If anytime in the future you need a loan and you already have an existing account in FCB and RBL, you will be in a better position to take advantage.

I also realized that in the majority of cases when you receive a check, it's from RBL then FCB. If you want to cash out faster, you deposit the check in the corresponding bank you are with (RBL check to your RBL account). Lots of businesses use RBL and FCB. If you have to conduct online transfers, most persons or persons I came across use RBL and then FCB.

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Re: Multiple banks

Postby VexXx Dogg » November 22nd, 2020, 10:57 am

Read the fine print on all your accounts.

Understand what is the minimum maintenance monthly deposit amount, know the associated fees and penalties.

Two accounts in two different banks can work out well for you if you ever need options for loans/mortgages and you can compare rates

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Re: Multiple banks

Postby Chris00007 » November 22nd, 2020, 12:49 pm

The_Honourable wrote:Suggest you keep both accounts.

When you start to work, one will be needed for your salary deposits.

Also when you are doing Linx transactions, there will be the occasion where one of the transactions will fail with bank card A. It's good to have bank card B as a backup to continue the transaction and avoid embarrassment.

If anytime in the future you need a loan and you already have an existing account in FCB and RBL, you will be in a better position to take advantage.

I also realized that in the majority of cases when you receive a check, it's from RBL then FCB. If you want to cash out faster, you deposit the check in the corresponding bank you are with (RBL check to your RBL account). Lots of businesses use RBL and FCB. If you have to conduct online transfers, most persons or persons I came across use RBL and then FCB.

Thanks for the info everyone.

Im also thinking of closing down the RBL account and just opening an account with Unit Trust to keep my money as I heard that you get interest on it. Is this a good idea? What's the interest percent like? Is this money insured? Apparently there's no information on this on the websites and they dodge these questions in emails (maybe unintentionally but idk)

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Re: Multiple banks

Postby bluefete » November 22nd, 2020, 1:11 pm

Unit Trust is not a bank. It is an investment institution. That means there are no guarantees on your money / investment.

However, since its inception UTC has told investors in the 1st scheme that if you keep your money for 3 years, and things go south, then you will get back your money at your initial investment amount.

UTC 2nd scheme is $20 per unit buying & selling. That has not changed in years. Interest there is about 1-1.5%

Whatever you do - DO NOT OPEN A US$ ACCOUNT WITH UTC OR WITH ANY BANK - YOU WILL KETCH HELL TO GET BACK YOUR MONEY.

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Re: Multiple banks

Postby Rockram » November 22nd, 2020, 3:25 pm

bluefete wrote:Unit Trust is not a bank. It is an investment institution. That means there are no guarantees on your money / investment.

However, since its inception UTC has told investors in the 1st scheme that if you keep your money for 3 years, and things go south, then you will get back your money at your initial investment amount.

UTC 2nd scheme is $20 per unit buying & selling. That has not changed in years. Interest there is about 1-1.5%

Whatever you do - DO NOT OPEN A US$ ACCOUNT WITH UTC OR WITH ANY BANK - YOU WILL KETCH HELL TO GET BACK YOUR MONEY.


The price guarantee relates to after 3 years of holding your units if it depreciates below your initial prices It can be redeemed at that initial price. IF things go south you will get Zero as mutual funds are not covered by deposit insurance.

Also while you will ketch hell to get your USD in cash... You will get any sum via a Bank of America check no problem.

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Re: Multiple banks

Postby Numb3r4 » November 22nd, 2020, 7:04 pm

As university student you should ask if the banks have any student offers/financial services, in my day they had the right start account which I kept until I was 25yrs, old and then it just became a normal account.

Also you can consider having one account be your daily driver and the other be a fixed deposit or savings or more long term.

When you get a job or such try to see if you can get into an annuity.

As always keep abreast of all your dealings and all the services and financial products that both are offering, it can go a long way to making your money work for you.

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Re: Multiple banks

Postby Chris00007 » November 22nd, 2020, 9:52 pm

Numb3r4 wrote:As university student you should ask if the banks have any student offers/financial services, in my day they had the right start account which I kept until I was 25yrs, old and then it just became a normal account.

Also you can consider having one account be your daily driver and the other be a fixed deposit or savings or more long term.

When you get a job or such try to see if you can get into an annuity.

As always keep abreast of all your dealings and all the services and financial products that both are offering, it can go a long way to making your money work for you.

This sounding like a good plan. I may keep the fcb as a daily driver and use rbl as a fixed deposit. But what are the typical interest rates on fixed deposits? Im not seeing that info on their website

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Re: Multiple banks

Postby Chimera » November 22nd, 2020, 10:23 pm

lol @ interest rate

republic bank is
Current Rate: 0.15% paid on the last working day of month on balances of $500.00 or more. Two FREE debits per quarter. If you exceed this limit, you have to pay a fee of $4 per extra debit (ABM, POS and Teller Fees may apply).

thats like $750 for the year if you have 500k in an account

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Re: Multiple banks

Postby Numb3r4 » November 22nd, 2020, 10:42 pm

In this case you won't be using the interest rate to generate savings, the days for that are long gone.....

I guess the best thing would be to regularly transfer a small sum, hopefully regularly, from one to the account designated the savings account, this will go a long way if you have a budget and provided you have a job.

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Re: Using Multiple banks

Postby unimatrix-001 » November 23rd, 2020, 10:27 pm

If you just saving money for the long term and dono anything about investing, better you put it all in a GOOD mutual fund, then continue to make regular contributions (monthly, weekly, each pay-cheque, when you get your sou-sou hand, etc.)

Biggest problem with this method is finding a good mutual fund. My 2 personal favorites:
http://www.rbcroyalbank.com/caribbean/t ... growth.pdf
https://tt.scotiabank.com/content/dam/s ... -en-US.pdf

Both have exposure to high growth US stocks such as: Amazon, Alphabet/Google, Facebook, Johnson and Johnson, Microsoft, Verizon

Which means you will reap the benefits of big tech becoming even bigger, and consumers consuming more cleaning and household products (J&J) during COVID


Or alternatively you could open a trading account and invest on your own...but you are likely to loose a lot of money in the beginning, unless you have someone giving you good advice. My advice if you go this direction...dont buy individual stocks...buy ETFs with heavy exposure to companies with huge growth potential...like QQQ, IVV, or ARKW. Also if you go this way, you will pay ridiculous commissions for each trade...might not be worth it

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Banking info

Postby rexsmith » February 6th, 2021, 11:23 am

Is anyone working in the banking industry (RBC) and offer some advice.
I am registering a small business and would like to open a chequing account under the business name hopefully RBC.
So far i have just started registering the name with Ministry of Legal Affairs and haven't started doing work under the business name or anything else but I would like to open an chequing account.
Any advice and anyone working RBC what are the requirements.

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Re: Banking info

Postby lionofzion » February 6th, 2021, 12:02 pm

rexsmith wrote:Is anyone working in the banking industry (RBC) and offer some advice.
I am registering a small business and would like to open a chequing account under the business name hopefully RBC.
So far i have just started registering the name with Ministry of Legal Affairs and haven't started doing work under the business name or anything else but I would like to open an chequing account.
Any advice and anyone working RBC what are the requirements.

Any bank would require the incorporation documents, projected cash flows, evidence of registered office for business (utility bill), business stamp and the usual IDs & some other info etc. Best you get a list of requirements from them and work on it rather than making several trips and frustrating yourself.

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