CIBC FirstCaribbean Cayman to end over-the-counter transactions

CIBC FirstCaribbean in the Cayman Islands has announced it will end over-the-counter transactions, effective July 3.
In a notice to customers on June 1, the bank said its branches will only be dealing with a few transactions, including cash and cheque deposits above CI$8,200, withdrawals above the daily ABM limit CI$4,000 and the opening of accounts for politically exposed people and joint accounts.
CIBC FirstCaribbean explained that with advancements in its digital services, it is encouraging the use of alternative banking channels.
These channels include the instant teller/smart ABM, night depository, online banking, and its mobile app.
CIBC FirstCaribbean Cayman said on a case by case basis, exceptions would apply, and would require authorisation in a branch or directly through a branch or relationship manager.
It is not clear if with this move, the bank will close branches.
The move comes as banks have generally reduced in-branch operations in the local and regional markets.
Scotia Group and NCB Jamaica both closed branches in the last three years, in a bid to reorganise in response to more people using online banking channels.

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