LEAKED, CONFIRMED:  Bahamas & TCI CIBC FirstCaribbean branches eliminating in-bank companies; “No Longer Necessary” – Magnetic Media & More Trending News


By Dana Malcolm

Staff Writer


December 2, 2022 – In a few month CIBC FirstCaribbean clients will discover their banking companies considerably altered as the corporate strikes in the direction of a extra streamlined digital expertise. The financial institution confirmed to Magnetic Media is an announcement on Thursday that the contents of a leaked inner memo circulating on social media have been true.

The memo claimed that come January third, 2023 branches in The Bahamas and TCI would not course of over-the-counter transactions which might be carried out by way of digital banking channels together with Instant Teller/Smart ABM, Night Depository, Online Banking and their Mobile App. The maneuver by CIBC FirstCaribbean eliminates twelve important companies from the over-the-counter cache of companies; the explanation cited as ‘simply no longer necessary’ to come back in financial institution for them.

The choice leads to the island of Grand Turk being utterly with none banks providing over-the-counter transactions or enterprise; ScotiaBank, in a transfer to “consolidate” its companies within the TCI, shut its banks in Grand Turk and Grace Bay in summer season 2018.

Now, CIBC FirstCaribbean informs hundreds of purchasers that they’ll not enter the financial institution for: Cash and cheque deposits; cheque cashing; company and small enterprise deposits; withdrawals underneath the day by day ABM Limit; credit score card funds; invoice funds; home and worldwide transfers; transfers between CIBC FirstCaribbean accounts; transfers to different CIBC FirstCaribbean purchasers; third social gathering transfers and opening private & sole proprietorship deposit accounts openings.

The memo raised concern for residents in regards to the aged and fewer tech savvy in addition to potential layoffs on the financial institution. CIBC gave no indication it was closing down, solely confirming the swap up, which they are saying they’d been making ready for for the reason that top of the pandemic, in an effort to release frontline groups and sure scale back the usually extraordinarily lengthy queues.

Lines the Turks and Caicos turned atrocious through the Covid-19 pandemic with clients queuing within the scorching solar and at occasions placing one another in danger for an infection as they waited for service. It additionally left clients uncovered to crime.

Other banks within the nation and throughout the Caribbean Including RBC have taken this form of method earlier than leading to shorter wait occasions and extra comfort as clients do enterprise at their leisure.

It remains to be rising on many individuals nevertheless, as banking turns into more and more impersonal.

Addressing the leak as “unfortunate” CIBC mentioned there can be readily available assist to ease clients into the brand new expertise.

“We encourage our clients who need additional support to perform transactions on our digital platforms, to reach out to our branch teams, who are there to provide that assistance. Our Digital Banking Officers will be on hand to show clients how to use the ABM to make deposits, transfers or to get cash during the transition.  Additionally, our website cibcfcib.com has video tutorials to walk clients through the processes.”

The financial institution says for the reason that introduction of its on-line banking, considerably much less clients are coming in particular person to make funds anyway.

LEAKED, CONFIRMED:  Bahamas & TCI CIBC FirstCaribbean branches eliminating in-bank companies; “No Longer Necessary” – Magnetic Media

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LEAKED, CONFIRMED:  Bahamas & TCI CIBC FirstCaribbean branches eliminating in-bank companies; “No Longer Necessary” – Magnetic Media

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LEAKED, CONFIRMED:  Bahamas & TCI CIBC FirstCaribbean branches eliminating in-bank companies; “No Longer Necessary” – Magnetic Media

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