KINGSTON, Jamaica — CIBC Caribbean has announced the discontinuation of all British pound-denominated cheque and bank draft services effective March 31, marking a significant transition toward digital banking solutions. This strategic decision comes in response to both the declining use of paper-based instruments and the withdrawal of correspondent banking support for GBP cheque processing.
The financial institution urges clients holding GBP cheques or drafts to present these instruments at any branch before the deadline to ensure proper encasement or deposit processing. After March 31, these paper-based payment methods will no longer be accepted or processed by the bank.
Deepa Boucaud, Executive Director of Personal and Business Banking, emphasized that electronic payments have emerged as the global benchmark for financial transactions, offering superior security protocols, accelerated processing speeds, and enhanced reliability. This operational shift aligns CIBC Caribbean with international banking standards and contemporary financial practices.
Customers will maintain full capability to send and receive British pound payments through wire transfers via the bank’s digital platforms, including online banking services and mobile applications. These electronic alternatives provide strengthened security measures, real-time transaction tracking, and considerably faster settlement times compared to traditional paper instruments.
The bank has committed to providing comprehensive support for elderly customers and others requiring assistance with the transition to electronic transfer systems. Branch personnel will offer personalized guidance to help clients adapt to wire transfer procedures as the primary alternative to discontinued draft services.
CIBC Caribbean maintains operations across ten Caribbean nations with approximately 2,700 employees staffing 41 branches and offices. The institution reported substantial assets totaling US$13 billion alongside a market capitalization of US$1.7 billion, underscoring its significant presence in the regional banking sector.