PARTICIPATING COUNTRIES & BANKS ANTIGUA AND BARBUDA: • Antigua Commercial Bank • • Caribbean Union Bank Ltd • Eastern Caribbean Amalgamated Bank Ltd Eastern Caribbean Automated Clearing House • CIBC FirstCaribbean International Bank () Ltd • Services Incorporated ANGUILLA: (ECACHSI) • CIBC FirstCaribbean International Bank (Barbados) Ltd c/o Eastern Caribbean Central Bank • National Commercial Bank of Anguilla P.O. Box 89 • Bird Rock • Basseterre • St. Kitts • Scotiabank Anguilla Ltd : • Scotiabank • CIBC FirstCaribbean International Bank (Barbados) Ltd • Grenada Co-operative Bank Ltd • Republic Bank (Grenada) Ltd Electronic • RBTT Bank Grenada Ltd DOMINICA: • Scotiabank Funds • CIBC FirstCaribbean International Bank (Barbados) Ltd • National Bank of Dominica Ltd • Royal Bank of Canada Transfer : • 1st National Bank Saint Lucia Ltd • Scotiabank • Bank of Saint Lucia Ltd • CIBC FirstCaribbean International Bank (Barbados) Ltd • Royal Bank of Canada MONTSERRAT: • Bank of Montserrat Ltd • RBC Royal Bank of Canada ST. KITTS AND NEVIS: • Bank of Nevis Ltd • RBTT Bank Limited - Nevis • Scotiabank • CIBC FirstCaribbean International Bank (Barbados) Ltd • Royal Bank of Canada • St. Kitts-Nevis-Anguilla National Bank Ltd ST. VINCENT AND THE GRENADINES: • Scotiabank • RBTT Bank - St. Vincent and the Greadines • CIBC FirstCaribbean International Bank (Barbados) Ltd • Bank of St. Vincent and the Grenadines Ltd What Is EFT Benefits Of EFT Things you need to know

Electronic Funds transfer (EFT) is the authorized • Faster Processing - EFT represents a • Banks exchange EFT transactions each transmission of funds from or to accounts through faster way to do business. Payments are business day between 8:00am and 3:30pm. the Automated Clearing House. This service usally processed same day. Clients can expect to receive funds the allows you to send or receive funds between same day that their bank receives value for participating banks in the Eastern Caribbean. • Cost Effective - The impact of switching payment on behalf of their client. to EFT for payments will be greatest for How does EFT work companies that process numerous wire • The commercial banks will continue to be transfers and cheques. The use of EFT governed by Anti-Money Laundering (AML) A bank’s customer will send a list of will provide a cheaper, faster and more legislation applicable to their respective transactions to be made (e.g. on the accounts convenient option for sending or receiving jurisdictions. Therefore, all transactions, of its employees, clients, suppliers, etc.) to their funds. irrespective of the amount and medium for Financial Institution. The transaction information payment, will be subject to AML scrutiny. should include the name of the account holder, • More Secure - The ECACH is very secure. the account number, the Routing Number (RT) of Files in which transactions are sent are • All commercial banks in the Eastern the Financial Instution which holds the account validated, digitally signed and encrypted Caribbean Currency Union (ECCU) are of the receiver of the transaction and the amount when they are transmitted from a bank to participants in the ECACH and are mandated to be paid or collected. the ECACH and from the ECACH to the to adopt EFT. All banks will therefore be receiving bank. Communication links are able to receive and send EFT messages on Their Financial Institution will send these also secure. behalf of their clients. transactions in a specific format to the ECACH for transmission to the banks at which the • EFT payments will appear as transactions accounts of these employees, clients, suppliers on your bank statement or internet/mobile etc. are held. banking. Funds sent by you from your account or funds collected from your account The transactions can either be funds transferred by an entity, such as a service provider, to accounts (e.g. salaries) or funds transferred will appear as a debit on your internet from accounts (e.g. insurance premiums). banking or on your bank statement. Funds deposited to your account, such as salaries What type of transactions can be from your employer, will appear as credits. processed Transactions may be identified by different descriptions such as the name of the entity Only direct debit and direct credit transactions with which the transaction was made or the to savings and chequing accounts will be purpose of the transaction. processed using ECACH/EFT. The following transactions can be sent through the • To ensure processing of debit instructions, ECACH/ECFH system: pension payments, customers must supply their bank with dividends, utility payments, hire purchase copies of debit authorizations issued to payments etc. Please check with your Financial third-party institutions. Institution as products and services may vary.