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Frequently Asked Questions

1.       Is there any monthly maintenance fee for my new account?

 Our US Dollar Accounts do not carry any monthly maintenance fee. However, the checking account must maintain a monthly minimum balance of $3,000.00 to avoid a low balance fee of $10.00. Should the balance fall below $1,000 the fee is a total of $25.00 monthly. The same applies for our Saving Accounts – Regular Saving and Premium Saving. Should the balance fall below the minimum monthly balance of $500.00 and $5,000.00 respectively the account is levied a fee of $25.00 monthly. 

 Our foreign currency accounts – Canadian, Euro and Pounds Sterling carry a monthly maintenance fee of $15.00 in the respective currency.

 2.       How do I make deposits to my account?

 Deposits can be made by forwarding a wire transfer (using our wiring instruction which is enclosed in the welcome kit; simply insert your account number in the section “For Further credit to”), cashier’s check or personal/corporate check. 

 3.       Do I get a debit card for my new account?

 No, we do not offer debit card against our accounts; however, we offer an alternative prepaid card. The prepaid card is purchased with a specific limit (minimum being $500.00 and maximum being $10,000) and once the funds are depleted the card can be reloaded with funds from your bank account. The card has both ATM and point of sale capabilities and therefore can be used worldwide where MasterCard is accepted. This card can also be used to make internet purchases.  

 4.       When sending a check for deposit who should the check be made payable to?

 Checks can be made payable in either the name of your account or Heritage International Bank & Trust.

 5.       How do I withdraw money from my account?

 Money can be withdrawn from your account by forwarding written instructions via email services@banking.bz, online banking, or fax 011-501-223-0368. The instruction should include your account name, number, personal identification code, amount of withdrawal, and how the funds should be forwarded via wire transfer or international draft. 

 6.       What is the annual rate of interest paid on my Regular Saving Account?

The Regular Saving Account earns an annual interest of 1.25% on the minimum balance per month no less than $500.00, and is credited to the account at the end of the month.

 7.       What is the annual rate of interest paid on the Premium Saving Account?

The Premium Saving Account earns an annual interest of 1.75% on the minimum balance per month no less than $15,000.00 and 1.25% on balances greater than $5000 but less than $15,000 which is credited to the account at the end of the month.

 8.       Can I maintain more than one type of account?

 Yes, clients can maintain more than one type of account. Clients are allowed to maintain checking accounts in all four currencies – US Dollar, Canadian, Euro and Pounds Sterling as well as a Saving Account. 

 9.   How do I apply for a credit card account?

 Simply complete the credit card application and return to us via email at services@banking.bz, fax 011-501-223-0382 or postal mail 35 Barrack Road, P. O. Box 1867, Belize City. Please be aware that our credit cards are 150% cash secured and in order for us to issue the card the 150% cash security must be available in your bank account. 

 10.   How do I apply for a Prepaid Card?

 Complete the application and return to us via email, fax or postal mail. Again, the funds to load the card must be available in your bank account in order for us to issue the card.

 11.   How long does it take to issue a Credit Card or a Prepaid Card?

 It takes approximately 3 – 4 days to approve and issue the cards.

 12.   How will the Credit Card or the Prepaid Card be sent to me?

 The cards are sent via Federal Express and your account is debited for the cost. For security reasons the PIN will follow via postal mail or can also be couriered upon request.

 13.   Is my personal information and banking business kept confidential?

 Information on accounts is held in strict privacy. However, should the Courts of Belize decide that any depositors’ fund is the proceeds of crime, we will be bound by law to release the source of the funds.

 14.   Are funds deposited into my account taxed or converted to Belizean currency?

 Accounts maintained with Heritage International Bank & Trust are not subjected to any local taxes or exchange control restrictions. Funds are transferred freely into and out of Belize in foreign currencies with no conversion to Belize Dollars.

 15.   Do I get a checkbook with my new account?

 Checkbooks are issued upon request. However, please be aware that because we are an international bank we are not a member of the Federal Clearing System and therefore any check issued by our clients can only be negotiated at our counter in Belize on a collection basis. This means that if you were to pay someone using a check drawn on your account with us the check would need to be sent to Belize to be cleared at the expense of the payee. This process takes approximately 7 – 10 business days and is expensive. It is recommended that an international draft is requested instead of issuing a check drawn on your bank account with us. The international draft would be drawn on one of our correspondent banks in the United States of America and can be negotiated easily. 

 16.   Does the bank offer any type of investment?

 The only type of investment offered is Certificate of Deposits. A Certificate of Deposit can be established with a minimum of $25,000.00. We offer competitive rates and terms can range from one month to one year. Rates are negotiable depending on the amount and are comparative with rate of interest paid by United States banks.

 17.   Does Heritage International Bank & Trust have any branches in the United States?

 No, we do not have any branches in the United States. Our only office is located in Belize City, Belize.

 18.   Does the bank offer insurance for deposits?

 No, we do not offer insurance on customers’ deposits. As a matter of information, no bank in Belize offers insurance on depositors’ funds. As far as we are aware, in the United States, insurance is offered only for deposit accounts up to $100,000.00. Our bank is regulated by the Central Bank of Belize which sets a liquidity requirement of 24% and a capital adequacy ratio of 9%. Our bank has always maintained and in some instances exceeded the requirements set by the Central Bank of Belize.