Deposit account needed to cash checks at TBAS
Pago Pago, AMERICAN SAMOA — In a media statement this week, the Territorial Bank of American Samoa (TBAS) reminds the public that a deposit account needs to be maintained at the ASG owned financial institution in order to cash any check.
“This requirement helps to protect the check holder from potential fraud and forgery,” the statement says, adding that a TBAS deposit account can be a checking or savings account which include for free, a MasterCard debit card for purchases anywhere MasterCard is accepted, ATM use, and online and mobile banking.
TBAS president and chief executive officer David Buhler advised the community to stop by at either of the bank’s two location and “ask how to qualify for a free account.”
TBAS announced in notices posted at the bank branches and on it’s Facebook page early last month about the new requirement starting July 1st this year, after which a TBAS deposit account will be required “to negotiate any transaction.”
In the past, the bank has been cashing TBAS checks, for both those who hold deposit accounts at the bank and non-TBAS customers.
Samoa News notes that ASG Treasury checks issued for tax refunds and stimulus checks are from the government’s account at TBAS. Some local residents, who received last week their Recovery Rebate checks from Treasury were surprised to learn that they need to have a deposit account before the check can be cashed.