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Direct Debit Authorisation

Direct Debit Authorisation Form »

Avoid Delays, Save Time

Direct Debit Authorisation allows you to pay your mortgage electronically and automatically from any bank.

What is Direct Debit?

Direct Debit is an alternative to Standing Order processing that allows TTMF to collect funds electronically from the customer’s account at any commercial bank toward their mortgage payment. The service is provided in partnership with Citibank Trinidad and Tobago Limited.

Who should use Direct Debit?

New and existing customers when payment cannot be made via salary deduction.

What are the advantages of using Direct Debit?

  • It is cost effective as it costs less than a standing order ($3 vs $8 approx for a standing order)
  • Improved efficiency and timeliness in recording the customer’s payment on his/her account.
  • Automatic cancellation of your deductions after your final payment.
  • Email confirmation that the payment has been processed.
  • Eliminate the need to carry cash and avoid the delays associated with clearing cheques.

How do I sign up?

  1. The Authorisation Form must be completed by the person making the payment and returned to the nearest TTMF branch.
  2. Existing Standing Order customers must liaise with TTMF staff to prepare cancellation forms to their bank. If the bank account is joint, both parties must authorize the cancellation of the Standing Order.

Would I have to visit my bank/branch?

TTMF will arrange to forward the necessary documents to the bank on your behalf and we will contact you in the event of any irregularities.

Do I need to open an account with Citibank?

Citibank only facilitates the transaction so it is not necessary to open an account with them.

What will it cost?

Direct Debit only cost $3.00 per transactions which is cheaper than a standing order charges/fees.

How will I know the loan was processed?

The transaction will be reflected on your bank statement as Electronic Debit from TTMF; you also have the option of registering for email notification via Citiconnect by including a valid email address in the Authorization Form.

How often can transactions be processed?

At present only monthly transactions are accommodated.

Can I cancel Direct Debit?

Direct Debit will automatically be cancelled on repayment of your loan.