You need a bank account to load your VTM card

[traciss]

So I went by republic bank today to load up my VTM card and the CSR telling me that I need to have a bank account with them in order to Load d card. And the stupid thing is that I was planning to go and get a real credit card from them but now I change mi mind. Such bull sheit.

[DFC]

Lol.

WAT

[supercharged turbo]

Yeah they told me that same thing monday

[hustla_ambition101]

Fcb....

[RGF Asset Management]

that must be something of very recent origin because my wife had loaded hers up as recently as january without having an account at RBL.

[RGF Asset Management]

probably realise that more and more people coming to them just for that card with no other business at the bank. with the admin costs associated with the card and the minimal fee that is charged, they were probably bussin on the deal.

forcing you to open an a/c with them is an opportunity cream off some additional service fees.

[redmanjp]

OP they didn't tell u this when u got the VTM card?

[Soul Collector]

There are quite a few new terms to acquire and use that VTM service, so I'm sure some other stuff changed up as well. Just bank elsewhere if you don't like them.

[hustla_ambition101]

OP they didn't tell u this when u got the VTM card?

When my sis got hers she didnt have an account......still didnt when she topped up last time. Will have to see for the next time

[clintus]

Shot this from their website

[traciss]

Nobody n tell me anything. I had that card since 2012

[fouljuice]

I wasn't aware you could get the card without an account and that was since 2012 too.

[cinco]

Republic is working hard to be fatca compliant before it is mandated. Don't like it? Well soon all banks will be forced to adopt the same rules so get used to it

[jasp]

As of last week you must have an account.

How this benefits the bank?

The money must pass tru your account. So say you have $100us cash, you must deposit it accepting their buying rate of about 6.2 then you have to buy it back from them at their selling rate of about 6.3..

so if u have us cash you will lose out.

get a us account

[src1983]

Republic is working hard to be fatca compliant before it is mandated. Don't like it? Well soon all banks will be forced to adopt the same rules so get used to it

[2NR Smurf]

Blame Obama

[xaira]

just get the account and load your card online, its easier, stop complaining...

[Coppershot]

I believe Republic has higher bank charges etc on your account.
I am in the same situation just having a VTM card, RBC sticking...even FCB has a card before them.

There are other ppl like unit trust and some credit unions that has visa cards.

[Slartibartfast]

just get the account and load your card online, its easier, stop complaining...

Yup. Or topup via text from your phone. I not going to stand in line just to drop some money in my vtm card.

[Duane 3NE 2NR]

Shot this from their website

was this on the agreement that customers signed though?

You don't need to have an RBL account to withdraw from PayPal to load the card though.

I see bmobile is offering VTM cards to qualifying customers. It comes with US$20 and some TT$ preloaded. It is an RBL VTM card. I wonder if they will also insist that these card holders must have accounts too?

[src1983]

Shot this from their website

was this on the agreement that customers signed though?

You don't need to have an account to withdraw from PayPal to load the card though.

This is because you Paypal account is tied to a bank account. I think what they are trying to do is eliminated the Cash to Card transaction.

example - John walks with 20K cash and wants to place it in the card

[Duane 3NE 2NR]

Shot this from their website

was this on the agreement that customers signed though?

You don't need to have an account to withdraw from PayPal to load the card though.

This is because you Paypal account is tied to a bank account. I think what they are trying to do is eliminated the Cash to Card transaction.

example - John walks with 20K cash and wants to place it in the card

well then limit how much you can load at once. If you usually load that much then open an account. But a customer who usually puts a lil US$200 every few months for online shopping hadda open an account?

I'm sure there are going to be a lot of irate customers who expected to go into a branch and quickly load their cards only to find out they need to open an account first.

[cinco]

Shot this from their website

was this on the agreement that customers signed though?

You don't need to have an account to withdraw from PayPal to load the card though.

This is because you Paypal account is tied to a bank account. I think what they are trying to do is eliminated the Cash to Card transaction.

example - John walks with 20K cash and wants to place it in the card

well then limit how much you can load at once. If you usually load that much then open an account. But a customer who usually puts a lil US$200 every few months for online shopping hadda open an account?

I'm sure there are going to be a lot of irate customers who expected to go into a branch and quickly load their cards only to find out they need to open an account first. That's a "come back next day and take up 3 hours+".

Sigh.
They are trying to be compliant with fatca. They need to have full disclosure on source of funds. A VTM without an account is an easy way to defraud or launder money be it $2 or $200000

[src1983]

Shot this from their website

was this on the agreement that customers signed though?

You don't need to have an account to withdraw from PayPal to load the card though.

This is because you Paypal account is tied to a bank account. I think what they are trying to do is eliminated the Cash to Card transaction.

example - John walks with 20K cash and wants to place it in the card

well then limit how much you can load at once. If you usually load that much then open an account. But a customer who usually puts a lil US$200 every few months for online shopping hadda open an account?

I'm sure there are going to be a lot of irate customers who expected to go into a branch and quickly load their cards only to find out they need to open an account first. That's a "come back next day and take up 3 hours+".

This isn't going to change, financial laws are changing and customers need move with it. Whereas Trinidad isn't taking money laundering seriously, other countries are. Cash to VTM is a easy way to get dirty money into a clean system.

[Duane 3NE 2NR]

I understand that and all for it. But it's the inconvenience for customers that banks on the whole don't consider.
I opened an account to get online banking access to the VTM card. It's not an issue of opening the account for me.

[Duane 3NE 2NR]

A VTM without an account is an easy way to defraud or launder money be it $2 or $200000

I'm not fighting it down, but what makes it easier with the VTM over an account?

[cinco]

A VTM without an account is an easy way to defraud or launder money be it $2 or $200000

I'm not fighting it down, but what makes it easier with the VTM over an account?

Easier to track and report account transactions than over the counter.

[Duane 3NE 2NR]

A VTM without an account is an easy way to defraud or launder money be it $2 or $200000

I'm not fighting it down, but what makes it easier with the VTM over an account?

Easier to track and report account transactions than over the counter.

is it that they don't keep long term records of VTM transactions?

[supercharged turbo]

Republic is working hard to be fatca compliant before it is mandated. Don't like it? Well soon all banks will be forced to adopt the same rules so get used to it

saw the same thing in unit trust

[randolphinshan]

i only have a RBL debit card aka Linx, can't afford a VTM card as yet

But I agree, bank charges are high on their services