All Scotiabank full-service ABMs accepting new polymer bank notes

Since the new notes were released in June of this year, local banks have been scurrying to upgrade their intelligent deposit machines (IDMs).

This has however, caused much angst among the general public who have been greatly inconvenienced while the banks adjust their software programming and in some instances had to replace hardware as well. 

As the second largest commercial bank on the island, Scotiabank’s prolonged adaptation to the new polymer notes had a major negative impact on customers utilizing its ABMs that facilitate deposits and withdrawals and other services.

Prior to this announcement today customers were often observed visibly upset, some taking to social media to vent their displeasure, after making unsuccessful attempts to lodge the new bank notes.

 

 

 

 

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This was very much evident very often at two Scotiabank full-service ABMs based in Old Harbour and across several other parishes.

According to the Bank of Jamaica (BOJ), the new polymer bank notes now make up 70 percent of the total notes now in circulation as the old paper-based notes are being gradually phased out of the market.

In a statement posted to its social media platforms, Scotibank Jamaica advised that: “We have now completed the enhancements of our Smart Deposit/Intelligent Deposit Machines (IDMs) to accept the new polymer bank notes.

“Customers are now able to deposit and withdraw the new polymer bank notes at our IDMs island-wide.

“Please look out for the deposit availability signage at our booths to identify our network of deposit taking machines. Customers can also mix cotton and polymer notes when making deposits.”
The BOJ opted for polymer notes, saying that it’s at least 50 percent more durable than paper bills.

Scotibank Jamaica’s announcement that all is IDMs are now accepting the new polymer bank notes follows similar declaration made two weeks ago by its main rival National Commercial Bank (NCB).

The Jamaica Bankers Association, following a series of meetings with its membership, has set a December deadline for all its full-service machines to become fully compatible to accept the new polymer notes.

In a Jamaica Gleaner report in September, the bankers association listed complex configurations, cost for upgrades and a spike in criminal activities targeting these assets, as the main reason for the slower than expected transformation of its automated teller machines (ATMs) to facilitate the use of polymer bank notes.