As electronic payments have now become the norm in transferring funds from one point to another by individuals and businesses, CIBC Caribbean has announced that from 31 March, it will no longer issue or process cheques and bank drafts denominated in Great Britain pounds.
This decision follows the discontinuation of Great Britain pounds cheques and bank draft services by the bank’s correspondent banking partner, as well as broader industry-wide shifts towards more secure and efficient electronic payment methods.
Clients currently holding Great Britain pound cheques and bank drafts are strongly encouraged to present them at one of the bank’s branches for encashment or deposit them to an account before 31 March 2026 to ensure timely processing.
Deepa Boucaud, executive director of personal and business banking at CBC Caribbean, said, “As global banking systems continue to modernise, electronic payments have become the standard for security, speed and reliability. While we recognise that some clients have traditionally relied on paper instruments, this change allows us to align with the international best practices and provide faster, safer alternatives for sending and receiving funds.”
CIBC Caribbean encourages clients to use its online banking and mobile app to send and receive Great Britain pound wire transfers securely within minutes from any convenient location worldwide. Electronic transfers provide enhanced security, improved tracking and faster settlement compared to traditional paper-based instruments.
Clients who are not yet registered in the bank’s online banking can visit its website to register or download the mobile app via the Apple App Store or Google Play App, to gain immediate access to secure digital payment services.
CIBC Caribbean remains committed to ensuring a smooth transition for all clients. Seniors who wish to send funds using wire transfers instead of drafts will receive personalised assistance at any branch, where staff will guide them through completing the wire transfer as a secure alternative.
Boucaud added, “We recognise that any change takes some time to get used to, especially as we are moving away from a method of operating that some of our clients have been using for many years. CIBC Caribbean appreciates the continued trust, understanding and cooperation of its clients as we continue to advance our integration of modern, secure, and efficient banking services in line with global banking advancements.”
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