Help Center |
Frequently Asked Questions
For ease of reference, our frequently asked questions have been grouped into categories. Please select the category that is of interest to you to proceed.
Accounts
1. How much money do I need to open a personal savings account?
$10.00 for EC personal, $200.00 for US personal
2. How much money do I need to open a personal chequing account?
$100.00 for EC personal, $200.00 for US personal.
3. How much money do I need to open a club, association or business chequing account?
$200.00 for EC or $1,000.00 chequing.
4. Do I need ID to open an account?
Yes, 2 pieces of ID. A passport and a government issued picture ID.
Children under age 12 who hold a Future Planner account may present a birth certificate.
5. Can I put someone’s name on my account just in case of something?
You can add a person as a joint holder on your account in one of two ways (AND or AND/OR).
a. The person can be added to the account and be given the same rights and privileges to the account as you.
b. You can have trust documents drafted by an attorney and presented to the bank in order to establish a trust account.
6. How can I remove someone’s name from my savings account?
You can only remove a name from your savings account if the person whose name you wish to remove is deceased. The death certificate must be presented to the Bank.
If the person whose name you would like to remove is not deceased, you can close the account and open a new one. If the signing instruction is “both must sign,” then both of you would have to sign to close the account.
7. Can I remove a name from a personal chequing account?
When opening a personal chequing account you are required to sign a mandate. The person(s) who sign the mandate is the owner of the account. That person can ask the Bank to add or remove a name from the account.
8. Are there any penalties for closing a National Bank Account?
a. Closing a savings or chequing account within 6 months of opening attract a $25.00 fee.
b. Closing a fixed deposit prior to maturity causes you to forfeit 3 months interest.
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ATMs
1. Can I make deposits at the ATM?
Deposits can only be made at the Head Office, Pelican Mall and Sandy Point Branch ATMs.
2. How long does it take for my deposits to be credited to my account?
Once the deposit is made before bank closing hours the funds will be on your account before the end of the day.
3. Can I pay bills at the ATM?
Yes, sign up for the service at any branch.
4. How can I pay my bills using the debit card?
By completing a form at the Customer Service Department at any branch or sending a letter to the bank with the account to be debited and the utility numbers to be credited.
5. Where are your ATMS Located?
Click ATMS on the home page for ATM Locations. |
Debit Cards
1. What is VISA Debit Card?
A VISA debit card is the most widely used electronically coded plastic. The National Bank debit cards has VISA Brand marks and the dove design hologram the PLUS on the back; this card can be used on any Automated Banking Machine or POS system that accepts VISA cards.
2. How is the debit card different from a credit card?
The card accesses funds directly from your bank account. It can only be used if you have money on the bank. A credit card on the other hand, allows you to buy goods and services now and pay at a later date. Interest is charged on your outstanding balance.
3. How can I get a card?
To be eligible one must have a National Bank account in good standing and complete an application form. The application form should be delivered to any of our 4 branches.
• The application would be approved providing issuance of the card does not violate the signing instructions on the account. The account holder must maintain a minimum of $25.00 and $5,000 to obtain a classic and gold card, respectively.
• If you do not have a National Bank account, you may apply for one at a branch nearest you.
4. Are there any fees associated with owning a debit card?
Yes. If you use your card and it was declined because you do not have sufficient funds, there will be a $2.50 charge each time. To track your balance, log on to either our Online Banking or Mobile Banking platforms.
5. How soon can I get a card?
5 business days
6. How do I get my card?
Card and pin are mailed under separate cover within 5 business days. If you would like to collect your card you can indicate it on your application.
7. What is personal identification number (pin)?
A pin is an electronic signature consisting of 4 digits that is required to access your account at an ATM. Your pin should not be shared, and should be kept in a safe and secure place separate from the card.
8. What is the cost of cash advances from the National Bank ATM
None
9. What is the cost of cash advances from other ATMS?
a. The cost on an EC account is 2% of transactions $500.00 and over or a minimum of $10.00 EC.
b. The cost on a US account is 2% of transactions over $500.00 and over or a minimum of $10.00 US.
c. Such transactions are processed through the VISA network of ATMS.
10. Why do debit card transactions reduce my available balance before they appear on my statement?
Merchants have 21 days to process their claims. Once a transaction is approved funds are held. When the merchants claim the money, the item will appear on your statement. If the merchant does not claim the funds within 21 days the hold on the account will be released.
11. How many accounts can I link to my debit card?
All of your accounts.
a. These accounts may be disclosed on the application or added by sending a letter to the bank.
b. If you have multiple accounts you must select a primary account. The primary account will be accessed first when you use your card except at the ATM where you can select the account you would like to withdraw from.
12. Can I have more than one card attached to an account?
No. However if you have a US account and an EC account you may have a card for each.
13. I have my card linked to my savings account and my chequing account but my transaction was not approved although I have enough money on the accounts?
The system goes to the primary account to process the transaction. If there are insufficient funds on that account it will look to the secondary account. If there are insufficient funds on that account the transaction will not be approved. The entire transaction amount must be on one account for the transaction to be completed. The system will not take a portion of the funds from each account to complete the transaction.
14. When are statements issued?
Statements will be issued monthly.
15. What happens if I loose my card outside of normal business hours?
Customer service representatives are available 24 hours daily to deal with such problems. Visit our website or log on to online banking to block your card immediately.
Lost cards must be reported lost within 24 hrs. Call 1(866) Nat VISA (1(866) 628 8472). The call will be forwarded to a bank representative and the card will be cancelled.
16. What happens if I am off island and I want a replacement card?
We can reissue a new card and courier sent to the address that you choose. Your account would be debited for the cost.
17. What can I do if there are charges on my statement, which I did not authorize?
You have 45 days from the transaction date to file a complaint in writing. Your queries will be forwarded to the Card Centre and the charges will be investigated.
18. I would like to cancel my card?
You may cancel the card upon giving the bank ten (10) days written notice of such intended cancellation. Such notice shall be effective if the card accompanies it.
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Gift Cards
1. What is the GiftCard/ Prepaid Card?
The National Bank Giftcard is a prepaid card that can be used to purchase goods and services anywhere MasterCard is accepted both in St Kitts and throughout the world. (Supermarkets, Jewellery stores and Online).
2. Can more than one recipient’s name be on the GiftCard?
No. The card is pre- printed with a long number as on many credit cards and is used just like cash with no name attached. It is to be used in full then discarded.
3. Are there any restrictions on who may be issued a GiftCard?
Yes. Persons under the age of 16 will not be issued Gift cards. Giftcards can be gifted to anyone.
4. What are the different denominations for the GiftCard?
Initially, Giftcards will be available in denominations of $100.00 and $200.00 or up to $1,000.00.
5. How will the recipient know the amount of the gift?
The card package states the sum that is loaded on the card. You may also register your card online at www.nbcardservices.com where you can track your purchases and your balance.
6. How long is the GiftCard good for?
The expiration date is printed on the front of the card.
7. Can the GiftCard be used for online purchases?
Yes, of course. Register your card at www.nbcardservices.com. This will enable you to check your balance and track your transactions. This Bank’s address is also located at the back of your card for quick reference.
8. What is my billing and shipping address?
Once you register your card you have the option of inserting an address where online merchants can ship your purchases. You may also insert you home address as your billing address.
9. What if the purchase is less than the balance on the GiftCard?
In this case, a balance will remain on the card to be used at another time.
10. What if the purchase is more than the balance on the card?
It will be declined. You can check your balance and track your transactions at www.nbcardservices.com. This address is also located at the back of your card for quick reference.
11. Can I use my card at the ATM?
No.
12. What happens if the GiftCard is lost or stolen?
The Giftcard is like cash, so if lost or stolen it cannot be retrieved.
13. How can the GiftCard be purchased?
National Bank Giftcards are available at any branch as well as from Harpers Bookstore, City Drug Store and Techsperts on Liverpool Row.
14. What is the cost of the card?
The card costs $10.00.
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Bill Pay
1. How can I sign up for Bills Pay?
You have three options.
• Set up Bills on your Mobile Banking Account
• Set up Bills pay on your Online Banking Account
• Come into any Branch and set up Bills Pay via the ATM.
2. What I need to sign myself up for Bills Pay?
A copy of your bill.
3. Who can I pay using Bills Pay?
Electricity, Water, Cable, Telephone, Local Retailers.
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Brokerage
1. What benefits will I receive from the ownership of shares?
a. The ownership of shares in any company gives the investor the privilege of being a part owner in the invested company.
b. The investor can benefit from an increase in share value should the company’s share price rise.
c. The investor will receive a return on his shares in the form of dividend according to the performance of the company.
2. How are my shares traded on the ECSE?
a. The ECSE provides an electronic trading platform that allows investors to buy and sell securities among themselves.
b. Persons with existing shares who are willing to sell their shares will approach the broker and their shares will be placed on the electronic market for sale.
c. Prospective investors who are interested in buying shares will also approach the broker to give their interest and an order will be placed on the market to buy shares.
d. Once shares are successfully traded the broker will perform the necessary transfer of shares to the buyer and the proceeds from the sale will be paid to the seller.
3. Since I will not get a certificate, how will I know that I own the shares?
a. Shares of all companies listed on the ECSE are held in a dematerialized form. This means that investors will no longer hold certificates to confirm proof of ownership.
b. Your shares will be held in electronic form at the Eastern Caribbean Central Securities Registry and a registry account number and Investor ID number is issued to each investor for shares bought.
c. The investor ID numbers are unique numbers for each investor and a registry statement is sent to each shareholder containing these numbers along with the amount of shares held in the named company.
d. The investor ID Number is proof of ownership of your shares. Investors are advised to keep the registry account statement in a safe place.
4. How Does One Buy Securities traded on the ECSE?
a. Establish an account at National Bank.
b. Specify the securities to be purchased and the transaction amount.
c. Make payment and await confirmation.
5. How Does One Sell Securities traded on the ECSE?
a. Establish an account at National Bank.
• Investor ID Number required (Registry statement issued by ECCR)
• Picture ID required.
b. Complete the transfer instructions.
c. Await same day confirmation.
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International Business
1. What information do I need to send a wire transfer?
a. Name of the person the money is being sent to
b. Address of the person the money is being sent to
c. Account number
d. Name and Address of Bank
e. Destination USA - Routing number, ABA, Fed Wire or SWIFT Address
f. Destination Canada - Transit number or Branch number
g. Destination Africa, India or other - SWIFT Address
2. Do I need to have a National Bank account to do a wire transfer?
Yes
3. How long do the funds take to reach?
The funds are delivered within 24 hours.
4. How can I have money wired to my National Bank account?
Contact us at 465-2204 Ext 1121 or 1126 and we will provide you with our correspondent details.
5. Are there any deductions on incoming wire transfers?
Yes. There is a $20.00 deduction.
6. Are there any fees for outgoing wire transfers?
Yes. National charges a transaction fee on outgoing wires. The fees vary according to the destination. Call us at 869 465-2204 Ext. 1121 or 1126 for more information.
The transfer is also subject to fees that are assessed by the recipient’s Bank which are beyond our control.
7. Can I cash my National Bank draft overseas?
Yes. If the draft is presented at the Bank on which it is drawn it can be exchanged for cash.
8. If the draft is presented at another Bank how long will it take to clear?
In the US it will take 4 days to go.
Outside the US it will take 4 to 6 weeks.
9. Can I receive cash for a foreign Bank draft at National Bank?
No. Foreign Bank drafts take 4 to 6 weeks to clear.
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Loans
1. How long will it take to get an approval on my loan application?
Requests for funds under $200,000.00 are approved in one business day provided all of the documents are presented with the application.
2. How will I be notified if my application is approved or declined?
Initially you will be advised by a telephone call which will be followed by a written offer.
3. What is the interest rate for a business loan?
Interest rates are the prevailing rate at the time of the application.
4. Will my interest rate go up?
The Bank reserves the right to change your interest rate.
5. How much money do I have to put down?
Loans up to two hundred and seventy thousand EC dollars may be granted without input. The Bank may lend up to 95% of the project cost.
6. Can my land be used as input?
Certainly!
7. What is the closing cost?
Loan negotiation fee Stamp duty.
8. Do you finance the closing cost?
We finance closing cost for those loans where the total cost including closing costs does not exceed the $270,000.00.
9. Is there a prepayment penalty?
You may make principal payments at anytime during the life of the loan. However, if you wish to repay the entire principal balance prior to maturity you should advise the Bank 180 days prior to the transaction date to avoid a penalty. Failure to do so would result in a prepayment penalty.
10. What is security?
Something of value, cash securities or other property--pledged to support the repayment of an obligation.
11. Do I need security?
Yes.
12. What can I offer as security?
In a mortgage loan the security is the property that is being purchased or built.
13. What is a promissory note?
Is a contract detailing the terms of a promise by one party (the maker) to pay a sum of money to the other (the payee). The terms of a note typically include the principal amount, the interest rate, and the maturity date.
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Mobile Banking
1. What is Mobile Banking?
Mobile banking, also known as SMS banking is a term used for performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone. Mobile banking is most often performed via SMS or the Mobile Internet.
2. What is Mobanking?
The Bank’s Mobile Banking application.
3. How does the application work?
• Customers will request account information using text messaging and the Banks will respond in like manner. LIME will provide the service.
• Customers can set up alerts so that they are automatically notified if transactions are performed on their account or if their balance goes above or below a specified threshold amount.
• Customers can also log into mobile banking using any internet enabled device (computer, laptop or mobile phone) and perform banking transactions.
4. What transactions can I do using an internet enabled device?
• Check Account balances
• View your recent transactions.
• Transfer Funds between accounts.
• Pay bills.
• Activate Alerts.
• Manage Account Settings.
5. What transactions can I do using a cell phone that is not internet enabled?
If your cell phone is not internet enabled you can use text messaging to:
• Check accounts balances
• View your last 2 transactions
• Pay bills. To receive text alerts and pay bills using text messaging, go to http://start.sknanb.com on any computer or other internet enabled device and activate the alerts and select the merchants you would like to pay.
• Receive alerts Activate Alerts
6. How do I sign up?
Visit your local National Bank Branch, complete an application form.
7. What if my device is lost or stolen?
Call your local service provider to deactivate your phone.
Report it immediately at (869) 465-2204.
8. What if I change my mobile number?
If you change your mobile number, log on to your accounts and send us an email at mobanking@sknanb.com or report to a branch nearest you.
9. What is required to set up a mobile account?
Customer is required to fill an application form which will be processed by a member of staff with administrative access to the Mobile Banking Application. The account is built through the “Customer Maintenance” Menu.
10. Is the account password driven?
There will be a user ID, and a temporary password. After, the initial login, the user will be required to change his/her password.
11. Are there different levels of access?
There will be a user ID and a temporary password. After, the initial login, the user will be required to change his/her password. There is also the ability to set up customer user roles that limit a customer to making inquiries or to give or not give access to bills pay. All customer functions are managed through the user role on each user ID. The user role is on a User ID level as opposed to an account level.
12. Is this product suitable for both personal and corporate banking?
Yes.
13. Can parameters be set to view only?
Such a parameter will be defined on the user role. It cannot be set on a per account basis.
14. Is there a limitation on the number of accounts one can access?
No
15. Is there a limitation on the account type?
No
16. Can funds be transferred between accounts of different currencies?
No
17. Can several phones be linked to the same account by the same user?
2 phones can be linked to each account. If 2 phones are linked to the same account, once an alert is setup, it will be sent to both phones.
18. Is it secure?
Security is authenticated by VERISIGN.
19. Can funds be transferred between accounts of different currencies?
No. Also, funds cannot be transferred to and from fixed deposits. Funds cannot be transferred from a loan or a mortgage but can be transferred to a loan or to a mortgage.
20. What type of phones is required for this product to work?
• WAP 2.0 – Wap 2.0 phones guarantee end to end encryption on the same level (or higher) as standard internet banking practices. WAP 2.0 was introduced to the market in June 2003. As of January 2005, the last WAP 1.x phone was ever sold in the market (made and sold in Korea). T-Mobile estimates that all WAP 1.x phones will be obsolete by mid-2008 as there hasn’t been one sold in over 3 years.
• Wireless Application Protocol (WAP) is an open international standard for applications that use wireless communications. Its main use is to enable access to the Internet from a mobile phone or PDA.
• A WAP browser provides all of the basic services of a computer based web browser but simplified to operate within restrictions of a mobile phone, such as its smaller view screen. WAP sites are websites written in, or dynamically converted to WML (Wireless Mark-up Language) and accessed via the WAP browser.
21. Can the Mobanking Application be accessed through a PC or a MAC?
Yes. Any internet enabled device (computers, laptops, PDA’s and phones) can access mobile banking and perform banking transactions.
22. Can this product work with phone providers other than LIME.
Not at this time.
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Online Banking
1. How secure is my account and how is my information transferred over the Internet?
We use 128-bit encryption. Encryption is presently the most effective way to achieve data security. That’s why your browser must be compatible with 128-bit encryption in order to access Online Banking. When you connect to National Online, your session is encrypted. Web browsers use standard security protocols like Secure Sockets Layer (SSL) to enable private information to be transmitted safely over the Internet. When you visit a Web site with the SSL Protocol, a secure connection is created between your computer and the Web site server you are visiting. Once this connection is established, you can transmit any amount of information to the Web server safely. Therefore, when you connect to our secured site all data is encrypted using 128-bit SSL encryption. This ensures that a third party cannot understand the data you send over the Internet. Your password and activation code are further secured by being stored in encrypted non-human readable format. Remember that Internet communications are not secure unless the data being sent are encrypted.
2. Is the service compatible with all browsers?
Yes.
3. How do I reset my password if I forget it?
Call us at 465-2204 ext 1111 or email electronicbanking@sknanb.com.
4. How can I tell if my browser session is secured?
For Web browsers like Microsoft Internet Explorer and Netscape Navigator, a closed, yellow padlock that appears in the right bottom of the browser window will indicate a secure, encrypted session. You may also check the address bar of your browser, once the Web site address starts with “https://” rather than “http://” then the session is secured. Site is secured by VeriSign.
5. What can I do using Online Banking?
You can see your account information, transfers funds between accounts, requisition wire transfers, bank drafts, standing orders, order cheque books, stop payments, pay bills and more.
6. How do I register for Online Banking?
Complete an application form and send to the Bank. Personal and Business accounts that required 2 or more signatures per transaction are eligible for enquiry status only OR One authorised signatory can be an Initiator of the financial transaction and the other authorised signatory will have to authorise it (NEW FEATURE). You must have reached 18 years of age to apply.
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Point-of-Sale
1. What is a point of sale?
The point or place at where an electronic transaction takes place. It includes Internet and telephone sales. There is no charge for point of sale transactions.
2. What is a point of sale device?
A machine used by merchants or retailers to process credit and debit card sales.
3. Will I be charged if I use my debit card at a POS?
No. It is against the card association’s regulations for a merchant to charge a customer for using a point of sale machine.
4. What is a merchant account?
An agreement between a bank and a merchant which allows the merchant to accept card payments which are electronically credited to the Bank for further credit to the account of the merchant.
5. What is required for this type of service?
a. Completion of the application and agreement.
b. A National Bank current account.
c. A dedicated phone line to support POS operation
d. One year sales projections.
6. What is the cost to the merchant for a POS service?
The merchant discount rate is negotiable.
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