Why should I invest at CMMB?
At CMMB we guarantee competitive rates on your investment,
safety, flexibility, excellent client care standards, and a
wealth of knowledge and financial guidance from our team
members.
What do you invest in at CMMB?
Government Paper (minimum risk, if any at all), which is
backed by a government security or Commercial Paper that can
either be secured (more risk) or unsecured (most risk). The
security of your investment is related to the safety of your
investment and how risk averse you are.
What is CMMB’s opening hours?
Opening hours is 8:00am - 4:00pm.
What do I need to open an account?
For individuals - Two (2) picture identification that has
not expired (Driving Permit/National ID/Passport)
For a company - The Articles and Memorandum of Association
and signatories on the account along with signature
specimens and any special signing rights assigned. A
certificate of incorporation/continuation is also required.
In addition to this:
- For the Money Market Fund, a minimum investment of TT
$1,000 or US $100 is required.
- For the Fixed Income Paper, a minimum investment of TT
$100,000 or US $25,000 is required.
How can clients transfer funds to CMMB?
Clients can send funds in several ways:
- Managers’ cheque/Bank Draft
- Cash Deposit slips?
- Wire transfers?
- Cash
- Personal cheques may be accepted (all cheques should
be made payable to CMMB)
How soon do I start to earn interest?
A You will receive same day value on investments made before
12 noon. Investments made after that time will be value
dated for the following date and at which point you start to
accrue interest. (Reason: lodgments have to be made to our
bank account)
How is interest calculated?
Interest is calculated daily and credited to your account.
This allows you to benefit from the day's average rate.
Interest is calculated using the following formula:
P x R x T
365
Where P = principal amount invested
R = rate or return
T = length of time (in days) the funds are invested
365 days is used because interest is calculated annually
(This calculation is for 1 day
only and does not show the compounding effect)
What is the procedure for removing someone from my
account?
The Account must be closed and re-opened in order to
remove a name from an account. Names cannot simply be
deleted from an account!
Can I arrange for Salary deductions and standing orders?
Yes. If you would like to make investments from your
salary you can arrange to have salary deductions or standing
orders with your bank
Do I pay tax on my investments?
There is no with holding of taxes.
Is my money insured?
You money is secured by the investment that your funds
have been invested on and the Securities Exchange Commission
monitors us.
Why does the interest rate on the Money Market Account
fluctuate?
The account is a portfolio of investments that may have
different maturities and this in turn will affect the
average interest rate.
What can I do if I lost a cheque issued by CMMB?
A “stop payment” will be placed on the cheque. Upon
confirmation of the same from the bank we will write a
replacement cheque or reimburse your account with Cheque
amount less the service charge for stop payment
How do I go about making encashments?
Funds can be encashed from your Money Market Account
anytime after the first 10days of opening the account.
Encashments made within this period will attract a penalty
of 1%-2%.
Funds on the Fixed Investment account can be accessed
ideally at maturity. However, encashments before maturity
will attract a penalty charge of 2%-3%
Does CMMB accept third party cheques i.e., Cheques that
have been endorsed over to a client /not payable to the
person who wants to invest that cheque to his/her account?
No. This is primarily a safety measure –given that we may
not be aware that the cheque was truly paid over to the
third party
What is a Eurobond?
A bond is issued and traded outside the country whose
currency it is denominated in, and outside the regulations
of a single country. It does not specifically refer to an
investment in Eurodollars. |
