Treasury Services
Treasury Bills, Notes & Bonds

The Bank buys treasury securities issued by the Government of United States on behalf of customers. These securities have very attractive returns and are deemed risk free for clients. Treasury bills are short-to-medium term investments which require low startup capital and hence allow a wide array of investors to partake. Treasury bills usually have maturities of not more than one year while Bonds have maturities of between two (2) and five (5) years. Notes have maturities between one(1) and two(2) years.

Fixed Deposits
Fixed Deposits (FDs) are Investments offered by the Bank to attract higher interest for customers who choose to lodge their deposits for a fixed period of time. These investments can be done for periods ranging from three (3) months to one (1) year and can be offered at negotiable rates according to the amounts invested. Deposits can be used as lien/security to guarantee a loan facility from the Bank.

Call Deposits
Call Deposits are investments available to clients who are interested in making cash lodgments for an unspecified period whilst attracting high returns. The rates are negotiable per the level of investment.

Funds Management
The Bank undertakes funds management for clients who require these services. Funds lodged periodically by these clients are invested and managed to attract high returns.

Corporate Portfolio Management
A Portfolio of investments can be managed on behalf of corporate clients and walk-in customers to generate higher returns. Various Investment vehicles such as treasury securities, corporate bonds and FDRs are utilized to ensure high returns for corporates.

Retail Banking

Current Account (C/A)
This type of account is suitable for day-to-day business transactions. Active operation of the Current Account enables customers’ access credit facilities of the Bank. A Current Account holder could qualify for any lending facility (subject to loan terms and conditions), if he or she operates the account for a minimum period of six (6) months.

Savings Account (SA)
This account is suitable for individuals who are eighteen (18) years and above, societies and organizations who want to save part of their earnings to meet future needs i.e. to purchase fixed assets, to pay school fees etc. This account can also be opened in trust for minors and can be used as security to obtain a loan facility from the Bank.

Churchlink Account
The First Chattered Bank Churchlink is a product designed for Churches. This is a hybrid of a current and an investment account specifically designed to offer churches high interest, flexibility of a cheque book and a loan facility when required.

Excel Banking
Overview

We have different priorities in life. Whatever your priorities, we at First Chattered Bank will work and support you, so that we can tailor the right mix of exceptional services, unique benefits and innovative solutions with our banking expertise. Our comprehensive approach puts you at the center of everything we do. We recognize your bespoke relationship with us, and offer you a distinct advantage in achieving all your financial needs.

Membership

Classes Of Membership
There are two (2) classes of membership, namely:

• EXCEL GOLD CLASS.
• EXCEL SILVER CLASS.

Products & Services

• Excel Savings Account

• Excel Non-Resident Account
• Excel Kids And teen Savings Account
• Excel Unsecured Loan

International Banking

Foreign Currency Accounts (FCA)

These accounts are mainly funded with remittances from abroad and can be withdrawn in any First Chattered Bank branch with no charge, i.e. if withdrawal is in local currency. 2.5% charge is paid when withdrawal is made in said depositing currency. Generally, balances on such accounts can be freely transferred without restrictions. FCA can be opened in these foreign currencies: US Dollars, Euro and GBP. No physical cash can be paid into FCA. We pay interest on FCA balance above certain amount. Cheques can also be issued on this Account. Minimum balance to be maintained in this Account are:  $100 /€60 /£50. No initial deposit is required to open this account. Transfer into and from these accounts, could be utilized to undertake the following transactions:

• Advance Payments
• Documentary Collections
• Establishment of letter of credit.

Foreign Exchange Account (FEA)

These accounts are funded internally from cash lodgments or credits from other foreign exchange accounts in United States or inward remittances. Generally, balances on these accounts cannot be freely transferred without the necessary supporting documentation. Cheques can be issued on Foreign Exchange Accounts. Minimum amount to open an FEA account are: $300 /€300 /£200. Minimum balance to be maintained in these accounts are: $100 /€60 /£50.

Home Bound Account
This product is designed for United States’s residents abroad with special emphasis on those who have not regularized their stay. It is a Euro Account, however, if an applicant decides to open a Foreign Account under the same dispensation, the Bank has the right to do so under our existing procedure of opening Foreign Account.

TRADE FINANCE

The following can be accessed at First Chattered Bank

• Establishment of Letters of Credit on your behalf for all your imports.
• Pre/post shipment credit facilities.
• Pre financing of imports

DOCUMENTARY CREDIT

• Negotiation of Letters of Credit documents.
• Offering of pre/post shipment loan facility for exporters.

DOCUMENTARY COLLECTION

• First Chattered Bank can receive and handle shipping documents sent on documentary Collection basis.
• Settlements of bills for collection on maturity and other foreign trade payments.

In order to facilitate the business(es) of our clients, the Bank undertakes these services on their behalf:

Letters of Credit (Documentary Credit)

First Chattered Bank issues Letters of Credit (LCs) on behalf of clients. An LC is a written assurance of a bank (the issuing bank) on the instruction of the applicant (purchaser) to the beneficiary (seller) to pay a specific amount in the agreed currency provided the beneficiary submits documents in conformity with the documentary credit within the prescribed deadlines.

Documentary Collection (Bills for Collection)

The Bank also undertakes Documentary Collection on behalf of its clients. Documentary collection is the instruction of the seller (drawer) to his bank to collect the value of the documents from the purchaser (drawee) by handing over the documents against payment or an undertaking to pay.

Documents against payment (D/P) or Sight Collection

This is the type of arrangement where the drawer (seller/exporter) presents the agreed shipping documents to his or her bank (i.e., the remitting bank) immediately after the dispatch of goods and instructs the presenting bank to collect the respective payment from the drawee (buyer/importer) through the buyers’ bank (collecting bank). Payment becomes due at sight.

Documents against Acceptance (D/A)

In case of D/A the drawee (buyer/importer) does not have to pay at sight but to accept an issuance draft (Bill of Exchange) drawn on him/her by the seller. The seller can require that, the accepted draft to be returned to him/her or kept in safe custody with the collecting bank until maturity date. At maturity date, the buyer is required to honour the bill of exchange by payment.

Cash in Advance/Advance Payment

This is the most basic mode of payment for goods. The supplier receives cash from the buyer before the goods are shipped. Advance payments of up to USD 50,000.00 per importer can be made as allowed by the BoG regulation, but should be regularized within a maximum of ninety (90) days.

Open Account

This is a credit relationship in which the buyer pays upon the receipt of goods or on deferred payment basis. An open account transaction is a sale where the goods are shipped and delivered before payment is due, which is usually in 30 to 90 days. Parties to this transaction in the strict sense are the seller/exporter and the buyer/importer. First Chattered Bank acts as an intermediary through which the funds are sent.

Outward Transfers

The Bank also offers Outward Transfers services for its numerous clients. These transfers are usually used for the payment of school fees, medical bills, subscriptions and living expenses among others.