Custom Payee FAQs
Frequently Asked Questions (FAQs)
First Citizens Online Banking Service Enhancement: Daily Limit of TT $5,000 Applied to Payments to Custom Payees
1. What is the daily limit on payments to custom payees on the First Citizens Online Banking Service about?
This change simply limits the dollar value that can be moved from your account, to another person’s account at First Citizens to TT$5,000 on a daily basis. This type of payment is referred to as a 3rd party payment or a payment to a custom payee on the First Citizens Online Banking Service.
2. How many transactions am I allowed to do within the daily limit?
You can pay up to a total daily limit of $5,000 to custom payees.
– This can be multiple payments to one custom payee or multiple payments to multiple payees.
– This can be one payment to one payee as well.
3. What comprises the dollar value of $5,000?
The total daily limit of $5,000 includes the dollar value of immediate payments to custom payees and the dollar value of scheduled payments to custom payees.
It considers only movement of funds from your account to another person’s account at First Citizens.
The $5,000 does not consider the dollar value transfers between accounts in your name only at First Citizens or payments to companies external to First Citizens.
4. Are transactions on foreign accounts impacted by the daily limit of $5,000?
Yes. Funds will be converted to TT$ and is subject to the daily limit of $5,000.
5. If I process payments to custom payees, how would I know how much of the $5,000 daily limit remains available to me?
A populated box, seen on the screen as you process a payment to a custom payee on the Online Banking Service advises you of the dollar value that remains available to you.
6. What happens if I pay $5,000 during the course of a day?
Once this happens, a message is displayed on the Online Banking Service screen as you attempt to process the payment advising of same. Your $5,000 limit becomes available once more on the following day.
7. Can I request an increase in the daily limit for payments to my custom payees?
Yes you can. Please direct this request to your branch who will forward the request to the
relevant department for processing.
8. I have processed payments to custom payees in the past for more than $5,000. What are my options?
You can direct your request to your branch to increase your limit.
9. I scheduled payments greater than $5,000 to custom payees before the Bank made this change. What are my options?
You can submit a Secure Message via the Online Banking Service for this request. You will be contacted and your request addressed.
10. Does this daily limit apply to new transactions I wish to do, i.e. immediate or custom payments to custom payees or 3rd parties at First Citizens?
Yes, the $5,000 total daily limit applies to any payment to a custom payee, whether immediate or scheduled.
During the immediate payment process or the process to set up a scheduled payment, the daily limit amount available field will be displayed, advising you of the remaining balance available to you.