Why is the MMA being closed?As part of the integration of CMMB
into the First Citizens Group, we are in the process of
streamlining some services and products in an effort to
increase the effectiveness and efficiency of our offering to
clients. To avoid duplication of product offerings within
the group, we have decided to discontinue our Money Market
Accounts (MMAs). We will continue to offer the Fixed Income
Paper investment (FIP), equity brokerage services and
portfolio management services.
Please
click here
for further
information. Why should I
invest at CMMB?
At
CMMB we offer 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?
The FIP you invest in may
either be backed by Government Bonds State Agency bond or
Corporate Bonds sold by a corporation. Corporate Bonds can
either be secured or unsecured. These underlying securities
have different risk ratings and the return offered is based
on the risk rating.
What are CMMB’s
opening hours?
Opening
hours are 8:00am - 4:00pm.
What do I need
to open an account?
For individuals - Two (2) valid forms of picture ID’s
(Driving Permit/National ID/Passport) per account signatory;
Proof of address; Job letter; Management accounts for last
three years for self employed persons.
For a company - The Articles and Memorandum of Association.
A certificate of incorporation/continuation is also
required. Company By-laws. Names and addresses of Partners.
Signatories on the account along with signature specimens
and any special signing rights assigned. Two forms of valid
photo ID per account signatory. Company Resolution. Most
recently filed Annual Return or List of Directors, Secretary
and other officers. Management accounts for the last three
years (where applicable).
Are there any
minimum amounts for FIP's?:
- For the Fixed Income Paper, a
minimum investment of TT $50,000 or US $10,000 is required.
How can clients transfer funds to CMMB?
Clients can send funds
via several ways:
- Managers' cheque / Bank Draft
- Direct deposits into CMMB's bank accounts
- Account transfers
How soon do I start to earn interest?
You will receive same day
value on investments made before 12 noon. Investments made
after that time will be value-dated for the following
business day at which point your investment will start to
accrue interest.
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 a name from a joint 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.
Is my money insured?
FIP's are not insured by
the Deposit Insurance Corporation. Your investment is
secured by an underlying security that may be a government
or corporate bond.
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 for the
original cheque amount less the service charge for
stop-payment.
How do I go about making encashments?
Encashments are usually made upon maturity of the investment. Early encashments may be requested; however, the rate of return will be adjusted downward depending on how close to maturity the date of the payout is requested, and prevailing market conditions.
Persons making the encashments must be the account holder.
Does CMMB accept endorsed cheques not in the name of the investor?
No. This is primarily a safety measure given that we cannot verify whether the cheque was truly paid over to the investor by the payee as there is no way of verifying the signature of the payee.
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