(CMR) CIBC FirstCaribbean Cayman has advised customers that effective July 3, 2023, the bank will only process over-the-counter transactions on an exception basis. Instead, customers will be required to use the bank's digital platform.
Customers are being encouraged to use the Instant Teller/Smart ABM, Night Depository, Online Banking, and the Mobile App.
The following transactions would generally no longer be facilitated in CIBC branches:
-Cash and Cheque deposits (below KYD8,200)
-Corporate and Small Business deposits
-Withdrawals under the daily ABM Limit (KYD4,000)
-Credit Card Payments
-Domestic and International Transfers
-Transfers between CIBC FirstCaribbean accounts
-Transfers to other CIBC FirstCaribbean clients
-3rd Party Transfers
-Open Personal & Sole Proprietorship Deposit Accounts. Clients will still be required to visit the branch to open accounts for politically exposed persons and joint accounts.
CIBC FirstCaribbean said they considered that there would be instances where clients may be unable to access their alternative channels, and exceptions will be made on a cleint-by-client basis. This will require authorization in a branch or directly through the Relationship Manager. Clients who may be given exception include:
-Platinum, Corporate & Private Banking Clients
-Clients who are unable to use alternative channels due to accessibility concerns
-Online Banking and ABMs are unavailable due to system issues
-The client is 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 recent announcement could mean that CIBC could be further reducing its staff as more transactions will be done online.