CIBC FirstCaribbean Cayman has notifying customers of its decision to discontinue over-the-counter transactions.

In a series of alerts to their phones earlier this week, customer have been advised that effective July 3, 2023, the bank will only process over-the-counter (OTC) transactions on an exception basis.

CIBC FirstCaribbean advises that after July 3, the following transactions will generally not be facilitated in their branches:

• Cash and cheque deposits (below KY$8,200)
• Cheque encashments
• Corporate and small business deposits
• Withdrawals under the daily ABM limit (KY$4,000)
• Credit card payments
• Bill payments
• Domestic and international transfers
• Transfers between CIBC FirstCaribbean accounts
• Transfers to other CIBC FirstCaribbean clients
• Third-party transfers
• Open personal and sole proprietorship deposit accounts (clients will still be required to visit the branch to open accounts for politically exposed persons and joint accounts)

The bank has explained that with advancements to their digital services, CIBC FirstCaribbean is encouraging the use of its alternative banking channels. These channels include the instant teller/smart automated banking machines (ABMs), night depository, online banking, and its mobile app, making electronic transactions seamless and, in many cases, even instant.

Notwithstanding these changes, CIBC FirstCaribbean is acknowledging that there would be instances where clients may be unable to access their alternative channels.

As such, the following exceptions would apply on a client-by-client basis:

• Senior clients
• Platinum, corporate and private banking clients
• Clients unable to use alternative channels due to accessibility concerns
• Online banking and/or ABMs where they are unavailable due to system issues
• The client having system-related issues accessing online banking or their account at the ABM that cannot be resolved immediately
• Front-line staff judgment-based exceptions, which will cover any additional emergency scenarios that may arise

This exception process would require in-branch authorisation or directly through ‘relationship managers’.

Should customers of CIBC FirstCaribbean require further assistance or wish to find out more details about these changes, they are encouraged to speak with respective branch managers, relationship managers or call the Customer Care Centre at 1-866-743-2257.