There hasn’t been a significant increase in new account openings at the Territorial Bank of American Samoa since ASG Treasury’s announcement encouraging direct deposits for tax refunds.
TBAS President and CEO Owen Perry says most residents already maintain one or more accounts with the bank. However the Treasury encouragement for direct deposits did generate a noticeable increase in customers requesting account verification and other assistance needed to enroll in direct deposit services.
KHJ News asked Perry is TBAS was going to replenish ATMs more often with the release of tax refunds. He said for security reasons TBAS does not publicly discuss operational cash management procedures or ATM servicing schedules.
We also asked what steps the bank has taking to ensure there is enough cash on hand to accommodate withdrawals and other cash transactions during the tax refund issuance.
Perry also cited security reasons preventing the disclosure of specific operational procedures relating to cash handling.
He did say customers should remain confident that the bank continuously monitors activity levels and manages operations accordingly to support customer needs.
The bank is not making any changes to its opening hours at this time.
Peery emphasized the bank’s strong support for direct deposit services, not only for tax refunds, but also for payroll and other recurring payments.
“Direct deposit provides customers with faster access to funds, greater convenience, and significantly improved security compared to carrying or storing large amounts of cash,” said Perry. To further support financial accessibility for customers, the bank removed monthly service fees from all personal checking account products some time ago. “This ensures that every resident has access to a free checking account and the ability to safely participate in the banking system”.
Perry added that with a TBAS debit card, online banking, and mobile banking services, customers have secure 24/7 access to their funds without needing to rely heavily on cash transactions. “Today, most merchants across the territory accept card payments, making electronic banking both practical and convenient for daily use,” he explained. “Additionally, for those who choose to receive paper checks, the bank offers Remote Deposit services for these items”.
TBAS has also moved to an immediate credit process (during normal business hours), where funds are credited to the customer’s account as soon as the check has been reviewed and approved by bank employee(s). This typically happens within 30 minutes of the deposit.
Perry stated, “Reducing dependence on cash also helps protect consumers from theft, loss, and other risks associated with carrying large amounts of currency. We encourage the community to take advantage of these secure banking tools and services as part of a safer and more efficient financial future for American Samoa”.
