Account Services

Local demand deposit accounts are locally held current accounts. They are available in both local currency and foreign currency denominations.

• You are able to deposit to and draw cheques on your locally held account. Deposits can take the form of cash, cheques or wire transfers.
• Cheques drawn on your locally held U.S. dollar accounts are treated as collection items if presented outside of Jamaica.
• At the end of each month you will receive an account statement detailing your transactions for the month. We also offer flexible statement cycles, i.e. weekly, bi-weekly etc.
• All deposits at Citibank^®, N.A. Jamaica are insured by the Jamaica Deposit Insurance Corporation (JDIC) up to an aggregate amount of J$600,000 or foreign exchange equivalent. This is in accordance with the rules and regulation established by the JDIC unless otherwise specified. JDIC does not protect against foreign currency losses.
• The local demand deposit accounts may be used to complete Funds Transfers (Automated Clearing House (ACH), Real Time Gross Settlement (RTGS), Direct Debit and Wire Transfers) via CitiDirect BE^® using Templates/Preformats or File Upload.

• Guaranteed support: You have the guarantee that your cheques have the support and prestige that have distinguished Citibank throughout the world.
• Wide acceptance: Most businesses and institutions accept your corporate cheques.

• For Jamaican dollar accounts an initial minimum deposit of JMD$500,000 is required and an average minimum monthly balance of JMD$500,000 maintained.
• For US dollar accounts an initial minimum deposit of USD$10,000 is required and an average minimum monthly balance of USD$10,000 maintained.
• Kindly contact your Relationship Manager to arrange for the requisite documentation to be completed by your organization.

A U.S. dollar checking account maintained at Citibank, N.A. 111 Wall Street, New York, U.S.A., where funds are held and may be managed and accessed by clients. You can receive credits or withdraw U.S. dollar funds on demand without restriction or penalty. The U.S. dollar checking account also has the capability to facilitate payments in over 75+ currencies via the Citi^® Multi-Currency Gateway solution.

• A New York Demand Deposit Account (DDA) also allows you to issue cheques drawn on Citibank New York. These cheques may be customised to bear your name.
• There is also the option of having the cheques customised to meet your specific requirements.

• Efficiency: Direct access to the US Clearing systems results in more expedient access to funds from cheque deposits and wires into these accounts
• Protection: United States Sovereign Risk
• Interest potential: Return from Overnight Investment Sweep, Interesting Bearing Demand Deposit Accounts and Earnings Credit Rate.
• Convenience: Offers the ability to issue cheques drawn on a US bank – widely accepted by your beneficiaries.

• Kindly contact your Relationship Manager.

Citigroup's European Clearing Services provides account-based incoming and outgoing cross border payments with flexible delivery options for the principal European currencies namely EUR and GBP, backed by the strength of Citigroup's global branch and correspondent network.

Your low-value cheque payments can be made effortlessly and in a timely fashion. We will pay you credit interest on any investable surplus balances, based upon recognized benchmark rates. Interest is calculated on a daily basis and paid/charged to your account on a monthly basis.

• Direct access to high value and low value clearing systems across Europe.
• Optimal routing to allow payments to reach beneficiaries through the most effective clearing mechanism.
• Liquidity Management tools to ensure returns on account balances are maximized.
• High degree of automation to enable your transactions to flow through Citigroup and the external clearing systems uninterrupted. Citigroup will provide automated, real-time transaction advises which your systems can use to automatically reconcile.
• Citigroup's commitment to the European market and the clearing business has been demonstrated by our growing branch network in Europe and around the world since 1902, and the various awards Citigroup has received for our cash management and trade offerings and services.

Kindly contact your Relationship Manager.

If signing instructions for the additional account(s) are similar to existing accounts, the following documentation is required:

• Customer Activation Form
• Statement of Foreign Status

If signing instructions differ from existing accounts, then the following documentation is required:

• Customer Activation Form
• Statement of Foreign Status
• Signature Card with signature of new signers verified by the Company Secretary or as dictated by the company's Corporate Resolution
• If signatures are being removed, a letter is required from the company, verified by the Company Secretary or as dictated by the company's Corporate Resolution
• Manually Initiated Funds Transfer (MIFT) mean of Communication (Required only if contingency for communication to the Bank is being changed / updated by customers who send fund transfers manually).

• Signature Card with signature of new signer(s) verified by the Company Secretary or as dictated by the company's Corporate Resolution.
• If the job title/position or name of the new signer(s) is not on the company’s Corporate Resolution, then an updated Corporate Resolution will be required.
• If signatures are being removed, a letter is required from the company, verified by the Company Secretary or as dictated by the company's Corporate Resolution.
• Manually Initiated Funds Transfer (MIFT) mean of Communication (Required only if contingency for communication to the Bank is being changed / updated by customers who send fund transfers manually).

Please note: When printing documents for submission to Citibank, the form document must be printed double-sided (front and back).