If you are still using the piggy bank or the storing of your savings under the mattress method, then you are missing out on the benefits of managing your money with a bank account. Having a bank account has become a essential requirement in this fast pace, technological world.
Having a bank account comes with several benefits.
Bank accounts offer convenience - you ca use your debit card to place online orders or make point of sale payments.
Bank accounts are safe - your money is secure and protected via insurance.
Bank accounts are an easy way to save money - banks pays interest on your savings
Bank accounts are free - Banks and credit unions generally offer their account holders free or low-cost services
Bank accounts can help you access credit - credit to purchase a car, student or personal loan and mortgage to own your home
The general requirements to open a bank account are similar across all the financial institutions.
To open a bank account, you simply need to select the bank of your choice, bring the required documents and minimum opening funds, visit customer service and begin the process. Currently, there are a total of four (4) banks in Saint Lucia:
Bank of Saint Lucia
CIBC First Caribbean International Bank
1st National Bank
Republic Bank
Requirements
Savings Account
The general requirements to open a bank account in Saint Lucia are similar across all the financial institutions. The following are the required needed to open an account:
$20.00 - $50.00 minimum funds to deposit into the account
One or two pieces of identification e.g. National ID card, valid driver's license or valid passport
Proof of address via a utility bill, Credit Card Statement, or an additional piece of Identification bearing the residential address. (These must not be in excess of 3 months old)
The process should take no more than 15-20 minutes to complete. A debit card, online banking and/or mobile banking are all optional benefits that comes with the bank account that are available to the customer.
Chequing Account
Chequing accounts come in all shapes and sizes. The requirements for opening a chequing account will depend on the type of chequing account that meets your needs, as well as the chequing account options offered by the financial institution.
Requirements:
The general requirements to open a chequing account in Saint Lucia are similar across all the financial institutions. However, some requirements may differ based on the features of the chequing account or how customizable the financial institution's offering are. The following are the required needed to open a chequing account:
$100.00 minimum funds to deposit into the account
One or two pieces of identification e.g. National ID card, valid driver's license or valid passport
Proof of address via a utility bill, Credit Card Statement, or an additional piece of Identification bearing the residential address. (These must not be in excess of 3 months old)
Account holder must be 18 years or older and have held a Bank of Saint Lucia deposit account for at least 6 months
Please note that there are additional fees attached to a chequing account. Fees may vary for each bank.
SIDE NOTE
The Eastern Caribbean Automated Clearing House (ECACH) is an electronic network for clearing cheques and other electronic transactions. This is a new, universal cheque processing system that was introduced by the Eastern Caribbean Currency Union (ECCB) and went live in the ECCU over the period September 2014 to March 2015. The aim of the ECACH is to allow for the faster and more efficient payment of cheques. This new system facilitates one day processing of another bank’s cheque (locally and regionally) deposited to your account. You will derive a number of benefits from its implementation, including:
Quicker access to funds due to same day clearing of cheques
The ability to better manage your finances with faster access to your funds with the added knowledge that your cheques will be processed to your account faster
A reduction in cheque fraud within the system with the improved cheque design.
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