Banking in Trinidad & Tobago

[Olive]

What are the monthly charges for having a
- Regular Savings account
- Chequing account

I hear some banks raise their fees.

[lastminuteaudio]

i work @ Republic Bank.
Regular savings accounts-it doesn't hav a monthly service fee, since its for savings u hav no fees but are allowed a certain amount of free transactions after which u pay per transaction. $4.00
on a current account however, u hav a flat monthly fee of $12.00 for unlimited tranactions once its using a republic ATM, otherwise no charges(this is more for salary passing thru)

Chequing Accounts-Different types but basically, flat fee for a certain amount of transactions after which there are additional fees if amount of tranactions are exceeded but like i said different types hav different packages some dont even hav fees.

And yes fees went up about 8 months ago...

hope it helps...

[M_2NR]

um... i had a right start and at 19... they change it to what? and how much i have to pay a month now?

[aR&D]

i work @ Republic Bank.
Regular savings accounts-it doesn't hav a monthly service fee, since its for savings u hav no fees but are allowed a certain amount of free transactions after which u pay per transaction. $4.00
on a current account however, u hav a flat monthly fee of $12.00 for unlimited tranactions once its using a republic ATM, otherwise no charges(this is more for salary passing thru)

Chequing Accounts-Different types but basically, flat fee for a certain amount of transactions after which there are additional fees if amount of tranactions are exceeded but like i said different types hav different packages some dont even hav fees.

And yes fees went up about 8 months ago...

hope it helps...

In one of your meetings i want it to be articulated that i am not pleased with the barrage and unjustified charges. When i started banking it was $6 per month, then it zipped through $8, $11 and now to $12

I also want it to be articulated, from the moment RBL imposes anytype of any amount of charges for internet banking, i am pulling all my business from them.


thanks

[noshownogo]

^^cosigned, i and a few other friends already looking around at our best options because simply being content no longer viable this rounds. Every business hadda make concessions in these times to keep their clientele and RBL is no exception.

[SR]

dont shoot the messenger man

send a letter to the marketing dept of the bank

[hassan6079]

Open a Multiplier Account at RBTT. No service charges, not even if balance falls below the required amount (which I think is $5,000. to open the account. Actually gets interest monthly albeit a small amt. but at least they not taking away from the account. Also serves as a chequing account too.

[rolandk]

or just change banks, i pay NO monthly fees at my bank in TT!

[noshownogo]

wha bank is dat? sounding like ah sou sou to me

[serendipity]

In one of your meetings i want it to be articulated that i am not pleased with the barrage and unjustified charges. When i started banking it was $6 per month, then it zipped through $8, $11 and now to $12

I also want it to be articulated, from the moment RBL imposes anytype of any amount of charges for internet banking, i am pulling all my business from them.


thanks

X2

i'm thinking to change all now
the service charge is just ridiculous

[air wick]

according to my statements i pay $9.00 per month on a chequing account - RBL

[lastminuteaudio]

i jus put my input an everybody wanna kill me!!!!SR, thank you

basically we hav comparison charts of all the banks in T&T, an where there are advantages to certain accounts, there are also other hidden fees u wont realise til after, so in a nutshell, all banks basically offer the same accounts with slight differences..
some say they pullin their cash to go to another financial institution. where is this stable bank u takin it to?
Scotia & RBTT are foreign based so they depend on the foreign economy(& we all know how stable that is) and FCB is d bank that deals with d government and we all know the government's financial deficit, so lemme hear how safe u cash is?
Also, all banks are covered by Deposit Insurance up to $75k per customer if a financial institution fails.

Service fees are implemented based on what Central Bank guidelines imposed on the financial institutions, so don't blame d bank, blame yuh government!!!

There are accounts where service fees are minimal OR non existent but it depends on what you lookin for to suit ur lifestyle and ur financial portfolio...so visit ur respective financial instution and discuss whats best for you. Don't be like a lot i see who just walk thru the door, first person they see,"ah want to open an Account, wat yuh hadda get?" i get this question alot. PPL don't explain wat they want but rather we read their minds an know wat they need...

Keep in mind that the purpose of a business is to make mony. Not so?
so while everybody want their salary increased, their expenses should remain the same? i understand that our country's financial situation is on a downturn, and i can say there will be changes in the products but its a lot to analyse before this is done, not just raise an lower fees according to the everyday runnings....

so please don't crucify me, i work there, i don't own it, i can only inform based on the knowledge i hav and what i'm allowed to disclose...

[Marct]

some say they pullin their cash to go to another financial institution. where is this stable bank u takin it to?
Scotia & RBTT are foreign based so they depend on the foreign economy(& we all know how stable that is) and FCB is d bank that deals with d government and we all know the government's financial deficit, so lemme hear how safe u cash is?
Also, all banks are covered by Deposit Insurance up to $75k per customer if a financial institution fails.

Service fees are implemented based on what Central Bank guidelines imposed on the financial institutions, so don't blame d bank, blame yuh government!!!

There are accounts where service fees are minimal OR non existent but it depends on what you lookin for to suit ur lifestyle and ur financial portfolio...so visit ur respective financial instution and discuss whats best for you. Don't be like a lot i see who just walk thru the door, first person they see,"ah want to open an Account, wat yuh hadda get?" i get this question alot. PPL don't explain wat they want but rather we read their minds an know wat they need...



so please don't crucify me, i work there, i don't own it, i can only inform based on the knowledge i hav and what i'm allowed to disclose...

if u dont know dont speak,

1) Since when does SBTT &Rbtt depend on the foreign economy for survival-yes they are foreign based owners/partners but the majority of the profits generated are local

2) DIC dont cover the mutual funds sold in the banks where most folks direct their funds for better returns

3)B.S- Central bank does not set the fees far less the govt

4) Ur role (if opening accounts) is to counsel the customer on the rite product to suit their need

[lastminuteaudio]

okay, sigh.....at least i got somebody with some knowledge

1) even though the funds are generated locally if the foreign market fails, it Will affect them, i never said they would fail but suffer
2)agreed, i forgot to mention that mutual funds aren't covered by DIC, my mistake. the high yeilds are at a risk
3) i at no point said that the Central bank sets the fees, okay, guidelines....competition make the connection
4)agreed, up to a point, one can only help if allowed to, there are lots who hav their ideas of what they want already and as hard as u try they won't change what they think they want but criticise what is given upon what was discussed..

and also if i don't know i won't speak, try an contribute to the thread, instead of tryin to jus pick at what someone says. so far i've heard none of ur advice/ knowledge guidance/education up to this point, please elaborate. so if u wanna mix the pot, go ahead, if not....contribute!!!!!!!!!




...........somebody aint take their pills this morning..............

[slick]

i work @ Republic Bank.
Regular savings accounts-it doesn't hav a monthly service fee, since its for savings u hav no fees but are allowed a certain amount of free transactions after which u pay per transaction. $4.00
on a current account however, u hav a flat monthly fee of $12.00 for unlimited tranactions once its using a republic ATM, otherwise no charges(this is more for salary passing thru)

Chequing Accounts-Different types but basically, flat fee for a certain amount of transactions after which there are additional fees if amount of tranactions are exceeded but like i said different types hav different packages some dont even hav fees.

And yes fees went up about 8 months ago...

hope it helps...

which current account is that you talking about?
name the product...

[God Bless the Black Top*]

i don't understand the logic behind charging someone to hold their money for them.... those fukkers are making a mint off interest gained from holding your cash

completely worth the read

http://www.fairloanrate.com/2009/03/28/ ... r-pay-for/

[lastminuteaudio]

slick,product name-"Time Saver Account"-unlimited ABM & linx Transactions, flat monthly fee for transactions, 2% interest rate on average monthly balance, mainly designed as a "salary" account(so u cash runs thru), not really for savings, other savings don't hav a monthly fee.

God Bless the Black Top*,i jus stating what i know, may not agree with some of it but tryin to help...

[slick]

Is ah sad day when ah Republic Bank worker calls a Savings Account a Current Account.

slick,product name-"Time Saver Account"-unlimited ABM & linx Transactions, flat monthly fee for transactions, 2% interest rate on average monthly balance, mainly designed as a "salary" account(so u cash runs thru), not really for savings, other savings don't hav a monthly fee.

God Bless the Black Top*,i jus stating what i know, may not agree with some of it but tryin to help...

[urabus]

i don't understand the logic behind charging someone to hold their money for them.... those fukkers are making a mint off interest gained from holding your cash

if u were operating on their end(manger, ceo, board of directros etc)....then u'd understand, that's how they make money on our heads...whether we like it or not.....

[ek4ever]

i don't understand the logic behind charging someone to hold their money for them.... those fukkers are making a mint off interest gained from holding your cash

completely worth the read

http://www.fairloanrate.com/2009/03/28/ ... r-pay-for/

That's just the tip of the ice-berg....the cash that they hold for you and charge you for doing so is used by the bank to invest and earn revenue....so basically they charge you to give them your money so that they can invest it to make money for them...ridiculous isn't it??

My advice is to have just a minimum amount of cash in the bank for ready access and move the rest to other investments which offer some form of buffer against inflation. The longer you leave your money in the bank the more you lose. You will not find a product in these banks that will protect the value of your money....for that you need to go to investment houses.

As for the DIC this is not a government mandated nor regulated authority...it is something that was put in place by the banks...and you're only covered to TT$75,000....unlike the FDIC which is Federally mandated and offers protection to U$250,000

Bottom line is....putting your money in local banks is a waste of time and will be a financial loss to you

[slick]

cute corolla has it right

[djblademan]

i dont know about everyone but i think first citizens bank is good.
No charges watsoever unless you go under $50. they go take alil 10 form your account seeing they try to encourage you not to clean it out & atm services are freee! never paid ah cent for atm (FCBonly) linx are normal 65cents
& their online banking is really great! & telebanking too
had no problems & transfer to all accounts bills payable to tstt, cable, courts, utc, credit union & etc much more...its all free freee. & efficient.
Plus there are supposedly the most stable financial bank seeing it is backed by the government so yuh sure not to loose yuh money if they end up like clico & them....
jus my input on this & based on wat i does learn at the e-business roundtables meetings with Mr. Howai & those others in the secretariat....

[Bizzare]

Which bank(s) do you bank with, and in your opinion, what banking institution do you consider to be the best in Trinidad in terms of of the services they offer such as:

1) Internet banking (My main concern)
2) Payment Methods available (Like credit card, DEBIT CARDS, etc)
3) Least and lowest fees (One bank I know has a maintenance fee you pay every month)
4) Loan availability (How easily loans available)

Not much consideration to interest on your savings but that could it could be considered to. More wanna know who in your opinion, has the most up to date and modern services most of all...... Anything. Just state who you consider the best option.

No poll cuz I'd leave out a few institutions.
Did a search and found no info on the topic.

Edit: Costumer service and that kinda stuff is not really my concern

[sharkman121]

Scotia... Internet/Mobile banking is a breeze. Quick in-bank service compared to other banks. They were the only bank that gave me a loan to buy my car at 19 yrs when all other institutions blanked me so loans easily available. Do most of my banking Debit and Credit card transactions online now anyway, been with them for 12 years & no problem.

[pete]

To me Scotia really like to give out loans/credit cards easily. Rates a little higher tho.

[rossi]

RBTT.
Internet banking is a simple feat, so is telebanking.
My only gripe is Fas Deposits at certain locations and the time it takes for it to show up on the account.

[homeboy]

Scotia... Internet/Mobile banking is a breeze. Quick in-bank service compared to other banks. They were the only bank that gave me a loan to buy my car at 19 yrs when all other institutions blanked me so loans easily available. Do most of my banking Debit and Credit card transactions online now anyway, been with them for 12 years & no problem.

x2

[Bizzare]

Thanks. My dad is with Scotia, so when I used his credit card on to verify on Paypal, made things easier with the 4 digit verification pin. Waz the only bank with e-service at the time I think. I'm mostly interest in online services..... Scotia and Republic seem like the best solutions so far.... Rbtt is failing me at the moment so thats why. They can never get my internet accounting right and thats a keep back right now. Every week is an error or something.

[Bizzare]

And the availability of loans and credit cards is next after Online services

[Humes]

The only thing really separating the banks right now might be service. Most, if not all of them have the same online and mobile banking facilities, and very similar interest rates.

I'm most impressed by the service in Scotia, and FCB's service isn't bad at all either. But I've been a Republic man since primary school, and I doh feel any real urge to switch. Their service is fine too.