Banking in Trinidad & Tobago

[triniterribletim]

Banking in T&T is a painful necessity, not something easy or pleasant, but something you do if you want to not store your funds in your mattress. Dealing with international banks like Santander or HSBC is like Aladdin said "A whole new world".

[Musical Doc]

Anybody this week transferred money to another scotia account and was charged $1.50? I transferred 3 payments to pay off my credit card and was charged $1.50 each time. Queried it on the phone and I was charged in error, only if you transferring to an outside bank then you supposed to be charged. First the lady explained to me so I asked, so I'm being charged for paying my own credit card which is a scotia card? Then she ketch herself when she realized it wasn't an outside payment. I haven't seen the charges reversed yet.

[sMASH]

Fone banking or online?

[bluefete]

Anybody this week transferred money to another scotia account and was charged $1.50? I transferred 3 payments to pay off my credit card and was charged $1.50 each time. Queried it on the phone and I was charged in error, only if you transferring to an outside bank then you supposed to be charged. First the lady explained to me so I asked, so I'm being charged for paying my own credit card which is a scotia card? Then she ketch herself when she realized it wasn't an outside payment. I haven't seen the charges reversed yet.

Write the Board and CEO in Canada and see how fast they reverse the charges.

Had a problem with RBC, wrote Canada and problem solved in no time. I did not even bother to write RBC Trinidad . Went straight to Canada.

[shaneelal]

Anybody this week transferred money to another scotia account and was charged $1.50? I transferred 3 payments to pay off my credit card and was charged $1.50 each time. Queried it on the phone and I was charged in error, only if you transferring to an outside bank then you supposed to be charged. First the lady explained to me so I asked, so I'm being charged for paying my own credit card which is a scotia card? Then she ketch herself when she realized it wasn't an outside payment. I haven't seen the charges reversed yet.

Noticed this also, CSR mentioned the "SPECIAL SERVICE CHARGE" should be reversed in 3 - 5 working days.

[The_Honourable]

With all the current banking fears in the US and Europe, keep in mind the Deposit Insurance Corporation here in T&T...

The Deposit Insurance Corporation (DIC) functions to ensure continued stability of T&T's financial system. With 24 licensed member institutions, we help protect depositors against financial loss should an institution be closed by the Central Bank.

Learn more at our website dictt.org.

https://www.facebook.com/DepositInsuran ... GXcEPyzkPl

[toyolink]

DIC protection limit is$125,000 and when a major bank collapses, one wonders what happens with major accounts which generally are the back bone of financial institutions (which include pension and other retirement funds).
Central bank regulatory and surveillance is extremely important to keep financial institutions in check and our financial sector history just don't provide any true sense of confidence.
We sit on a very shaky pack of cards and unfortunately our individual financial existence demands having a relationship in a 'bank'.

[ruskie]

Anybody this week transferred money to another scotia account and was charged $1.50? I transferred 3 payments to pay off my credit card and was charged $1.50 each time. Queried it on the phone and I was charged in error, only if you transferring to an outside bank then you supposed to be charged. First the lady explained to me so I asked, so I'm being charged for paying my own credit card which is a scotia card? Then she ketch herself when she realized it wasn't an outside payment. I haven't seen the charges reversed yet.

Write the Board and CEO in Canada and see how fast they reverse the charges.

Had a problem with RBC, wrote Canada and problem solved in no time. I did not even bother to write RBC Trinidad . Went straight to Canada.

Who did you write to specifically?

My credit card was delivered in September for a November expiry. I went in January to collect after being told it was present at the branch. It was sent back because it was there longer than 3 months....I never got a notice...no email, no secure message. When they replaced it, I got charged 50 dollars for a replacement order. I wrote the head of the credit card section twice, Ms Donna walters, and she still has not responded to my request to have the charge reversed at it was, in my opinion, the bank's fault. I need to go above that manager. Help a brother out.

[redmanjp]

DIC protection limit is$125,000 and when a major bank collapses, one wonders what happens with major accounts which generally are the back bone of financial institutions (which include pension and other retirement funds).
Central bank regulatory and surveillance is extremely important to keep financial institutions in check and our financial sector history just don't provide any true sense of confidence.
We sit on a very shaky pack of cards and unfortunately our individual financial existence demands having a relationship in a 'bank'.

so if u have $500k u only getting back $125k in the event of a collapse ?

also that limit is per account or per customer? so if u split money into 2 accounts let's say $250k in each, u will get back $125k each, equaling $250k?

[Pirate]

DIC protection limit is$125,000 and when a major bank collapses, one wonders what happens with major accounts which generally are the back bone of financial institutions (which include pension and other retirement funds).
Central bank regulatory and surveillance is extremely important to keep financial institutions in check and our financial sector history just don't provide any true sense of confidence.
We sit on a very shaky pack of cards and unfortunately our individual financial existence demands having a relationship in a 'bank'.

so if u have $500k u only getting back $125k in the event of a collapse ?

also that limit is per account or per customer? so if u split money into 2 accounts let's say $250k in each, u will get back $125k each, equaling $250k?

It is 125K insured in total for all your accounts in the bank iirc.

[paid_influencer]

iirc,

dic will give you $125k

and the liquidator would would give you back a portion of the rest when everything the bank owns is sold off

[Pirate]

Sounds about right.

The only problem is that after paying off debts and everything else, the remainder is usually pocket change.


Can someone clarify something for me.
If you have 125K at 3 different banks (FCB, RBL, RBC) all of which are DIC certified, the get back the 125k at all the institutions since it is at the insured level?

[bluefete]

Sounds about right.

The only problem is that after paying off debts and everything else, the remainder is usually pocket change.


Can someone clarify something for me.
If you have 125K at 3 different banks (FCB, RBL, RBC) all of which are DIC certified, the get back the 125k at all the institutions since it is at the insured level?

You will get back 125K x 3 IF all 3 banks go through.

[redmanjp]

Sounds about right.

The only problem is that after paying off debts and everything else, the remainder is usually pocket change.


Can someone clarify something for me.
If you have 125K at 3 different banks (FCB, RBL, RBC) all of which are DIC certified, the get back the 125k at all the institutions since it is at the insured level?

You will get back 125K x 3 IF all 3 banks go through.

so instead of 3 accounts at the same institution, 1 account each in 3 institutions. just that u go be paying 3 set of bank fees

[88sins]

It is 125K insured in total for all your accounts in the bank iirc.

Not quite eh.
If you have money in roytrin or any other similar bank managed investment, kiss that goodbye

[Pirate]

Yeah. Plenty fine print in the mix too

[The_Honourable]

https://www.tiktok.com/@stephanreis1806 ... 8604086534

[VexXx Dogg]

^ Scotiabank on real sheit.

If I were a business owner, I was telling them HTMC and I was moving my business elsewhere. Business deposits at a branch are so problematic?

[Chimera]

i feel they pushing people to pay the 300 a month for premium banking because they don't refuse deposits from premium banking customers

[Dizzy28]

Scotia really don't want the marrish and the parrish in the bank nah.
Got myself a credit card from Scotia two weeks ago.
What I found stupid - You make me come in to collect the card in person, but then tell me go home and activate it via telebanking.
Like Bruv you literally have me in branch, just do it one time!!!

OFC the activation wasn't seamless and the card didn't work.

[88sins]

i feel they pushing people to pay the 300 a month for premium banking because they don't refuse deposits from premium banking customers

Nah, is d night deposit hustle.
For argument sake, let's say...
They paying about $0.35 per bag and buying a few hundred thousand bages, but selling to users at a 100 bag minimum & charging them for $3-$$4.50 per bag

Now, onto the box you putting your deposit in. Let us say..

That box cost $400 to build 30 years ago and each key they give each depositer cost you $40 for the original and $200 for a replacement or additional key but only $30 to make including labor, material and shipping, and the lock on it needs replacing every 5 years at $1500 per replacement.

Now, wrt staff attending to your little night deposit box drop-off. Zero costs for that (management clears the box at 10 am and some poor schmucks hadda process them all, and then go sumn else in branch for the rest of the day for one salary)
See where it goes?

Understand this simple fact.
The bank doesn't do anything whatsoever unless the organization makes money from you for doing it.
Once you understand and accept that, you can go forward and either accept or reject the "relationship" you have with them according to your need/requirements.

[The_Honourable]

Scotia again

[paid_influencer]

^that fella getting mad as hell but coming off as real entitled and kinda chupid too

first people in the bank branch is not credit card center

second
credit card is bank money, not your money.
they lending you money
bank looking out for their own self by blocking cards that may be compromised

third
is a service they offering you, you not entitled to it
you eh have no personal banking to demand thing now for now

forth, get another card from another bank nah bai. doh raise yuh blood pressure so

[st7]

what a stupidass ignorant comment from pantyinfluencer

the fella facing the same thing many other scotia bank business customers facing. scotiabank real doing sheit this over the last year from the stories i been hearing.

[Mmoney607]

This man is Chris Must List brother or what? He want to sue a bank with absolutely no grounds for doing so

[Mmoney607]

^that fella getting mad as hell but coming off as real entitled and kinda chupid too

first people in the bank branch is not credit card center

second
credit card is bank money, not your money.
they lending you money
bank looking out for their own self by blocking cards that may be compromised

third
is a service they offering you, you not entitled to it
you eh have no personal banking to demand thing now for now

forth, get another card from another bank nah bai. doh raise yuh blood pressure so

Is he doing business transactions on a personal credit card? Could that be the problem? Idk I just asking