Taking the Wheel

Money Management On Your Own Terms

In today’s world we hardly notice how easy it has become to manage our finances. For many of us it is merely routine to bank from multiple devices, be it the phone or laptop, often in the comfort of our home. Without a second thought, we can conveniently and quickly check our account balance, transfer funds, deposit or withdraw money, pay bills and shop without even entering the store, ATM or banking hall. No more driving to the bank to wait in line for transfers or to deposit cheques; now by simply downloading an app you have access to your funds.

Banking with these innovative tools has made it faster, easier and more affordable for customers. However, with great power comes great responsibility, for both the financial institution and the customer. Many banks have made it a priority to install modernized platforms that consistently meet the growing demand for these products and services. Over the past few years, delivering secure and convenient online banking services that decrease fraud and enhance safety, are increasingly in demand. At Republic Bank for instance, the new chip technology on the Republic Bank OneCard, as well as the RepublicAlerts have been welcomed by customers. A more recent modern offering has been the ease and efficiency that can be accessed via Interbank Transfers. Currently, customers can send money to anyone, anytime, to any local commercial bank with RepublicOnline or the RepublicMobile App. Any customer registered for RepublicOnline (Personal) can use the RepublicMobile App. Simply download the app from either the Google Play Store or App Store, depending on the device you are using, enter the requested details, and you’re on your way.

To transfer funds to someone at another bank, you will need:
•Payee’s Name
•Account Number
•Account Type (e.g. Savings or Chequing)
•Bank Name
For transfers to Scotiabank, the location of the branch is required

Access to funds can be gained within just one business day. The minimum dollar value that can be transferred daily is $0.01. The maximum dollar values that can be transferred daily are:
•for Retail accounts – $20,000
•for Corporate/Commercials accounts – $50,000

With RepublicOnline, you can also:
•Access up to TT$1,500 from any Blue Machine without a card or send it to anyone with a mobile number using Cardless Cash;
•Receive notifications for payments made from your account(s) with RepublicAlerts.

To transfer funds to someone at another bank, you will need:
•Payee’s Name
•Account Number
•Account Type (e.g. Savings or Chequing)
•Bank Name
For transfers to Scotiabank, the location of the branch is required.

If you have any questions on our new Interbank Transfer contact 623-4RBL (4725) or need assistance please visit: https://www.republictt.com/personal/republiconline

In the wise words of Walter Bagehot, “Adventure is the life of commerce, but caution is the life of banking,” so take great care with the management of your financial future. With this ease of access to your money, comes the increased responsibility for customers to ensure that greater financial planning is a priority. There are many apps that can help you with this as well and you should capitalise on the advice of your personal bankers, respected advisors and family members to help you practise sound and strategic money management in the future.