$50 bills roll out to banksBy Sasha Harrinanan Friday, August 3 2012
The $50 note, the newest addition to Trinidad and Tobago’s currency was expected to be in circulation yesterday, but checks at branches of the four major banks revealed there were no $50 available to the public.
Although the Central Bank said $50 notes were delivered to banks yesterday, inclusive of the four major commercial institutions - Scotiabank TT, Republic Bank, First Citizens and RBC Royal Bank, none were available for customers’ use at any Scotiabank or Republic Bank branches. Scotiabank’s Managing Director, Richard Young, confirmed receipt of the note yesterday, but could not say exactly when customers would be able to withdraw or obtain the $50- note from the bank’s various branches.
“The money was delivered to our central cash processing unit today (yesterday) but it has to be processed and delivered to each of our branches before it can go into circulation. Distribution of money is not an everyday occurrence, and a special delivery of $50 notes would require paying a special security fee. We are reviewing our options at this time, so I can’t say for sure if our customers would be able to walk into a Scotiabank branch tomorrow (today) and request a $50 note,” Young stated.
Officials at Republic Bank also confirmed receipt of $50 from the Central Bank yesterday. While the bank’s Independence Square, Port-of-Spain branch did get its share of the new note, it was not available to the public yesterday.
“Customers can get the new $50 note from our Independence Square branch from tomorrow (today) but availability at our other branches will be staggered. Those branches that get the money early (this) morning may very well be able to offer it to customers this afternoon, but if a branch gets delivery of the $50 Friday afternoon, customers are not likely to be able to access it before Monday,” the Republic Bank said.
Newsday also contacted several branches of First Citizens and RBC Royal Bank, but they too said the $50 was not in circulation yet, nor had any been delivered by their head offices.
“No, we don’t have any $50 yet, and we’re not sure when we will be getting any,” was the common response from bank employees at First Citizens and RBC Royal Bank branches across Trinidad.
The issue of availability is expected to be sorted out at all major banks by early next week. A far more difficult transition looms on the horizon though — access to $50 bills at Automated Teller Machines (ATMs). Richard Young described it as a complex issue, with serious consideration having to be made about replacing $20 notes with $50 notes in ATMs.
“The banks were given two months notice about the introduction of a new note. Ideally we would need a year to work out the various withdrawal amounts customers are likely to request, and how often, before re-configuring our ATMs to be able to handle the new demands.”
All banks currently charge $3.50 per ATM withdrawal to non-customers. Young said in light of this, it made little or no financial sense to withdraw $20 or $40 from another bank’s ATM on a regular basis.
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