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CIBC First Caribbean now charges non-customers $5 to cash cheques

-Financial Secretary Neil M. Smith said Government ‘investigating’
December 16th, 2014 | Tags: CIBC First Caribbean Neil M. Smith Cheque customers
CIBC First Caribbean International Bank has instituted a service charge of $5.00 for every cheque that they cash once that person does not have an account at the bank and the Government is said to be investigating this. Photo: VINO/File
Speaking to this news site, Financial Secretary Neil M. Smith said that the Government is making its own inquiries about the new charge as it was not something that they had knowledge of prior. Photo: VINO/File
Speaking to this news site, Financial Secretary Neil M. Smith said that the Government is making its own inquiries about the new charge as it was not something that they had knowledge of prior. Photo: VINO/File
ROAD TOWN, Tortola, VI – CIBC First Caribbean International Bank has instituted a service charge of $5.00 for every cheque that they cash once that person does not have an account at that bank and the Government is said to be investigating this.

According to staff of the bank, the service charge has been instituted beginning December 1, 2014. “The fee is applied to every non-customer for which we are cashing a cheque,” said one of the desk officers at the bank when contacted by this news site.

However when we visited the institution and tried to get a comment from Mr Valentine Fraser, CIBC First Caribbean’s Senior Country Manager, we were told that he was unavailable and were asked to leave a message which we did. However up to post time there has been no word from Mr Fraser.

Persons in the street had mixed reactions to the news of the new fee by the bank. While some said that this is a usual charge by banks around the world, others believed that with the state of the economy, this is an additional burden on the small man.

"That is nothing strange. Banks everywhere do it like so but what is bad is if they did not give advance notice and if $5 is the introduction fee,” said one man in Road Town who spoke on the condition of anonymity. “If they had a smaller fee before and raised to $5 is a separate matter," he said.

Another man who did not want his name used said, "With this government not ‘repping’ for its people everybody taking advantage, no salaries increase and everything going up… only advantaging the poor.”

Speaking to this news site, Financial Secretary Neil M. Smith said that the Government is making its own inquiries about the new charge as it was not something that they had knowledge of prior.

“It is nothing coming from Government,” Smith said when reached for a comment. “But we’re investigating it,” he said.

Efforts to reach Minister of Finance and Premier Dr the Hon D. Orlando Smith on the issue proved futile.

35 Responses to “CIBC First Caribbean now charges non-customers $5 to cash cheques”

  • Blame it... (16/12/2014, 15:50) Like (3) Dislike (9) Reply
    In 3...2...1.....ITS NDP FAULT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  • rattie (16/12/2014, 15:52) Like (3) Dislike (1) Reply
    More money for deeds bank
  • fox (16/12/2014, 16:54) Like (4) Dislike (2) Reply
    Where is the ndp fast asleep
  • bystander (16/12/2014, 17:18) Like (23) Dislike (0) Reply
    Isn't this the bank that the cheques from Social Security Board are changed at? So if we get a maternity leave cheque and go there to change it, they will take $5 out of each one? That's not fair at all!
  • Pile up (16/12/2014, 17:19) Like (23) Dislike (1) Reply
    So why did they wait until December 1st and not Jan 2015?? The manager want an expensive gift yes or nah??
  • ???? (16/12/2014, 18:04) Like (4) Dislike (0) Reply
    Who representing we buddy?
  • egg face (16/12/2014, 18:21) Like (6) Dislike (0) Reply
    More burden on the poor
  • Annoyed (16/12/2014, 18:38) Like (7) Dislike (0) Reply
    Yep...I went to change my paycheck....$380.00 and left with $375.00
  • bvi (16/12/2014, 19:02) Like (8) Dislike (0) Reply
    This is nonsense, the authority needs to do something about that, they cant dear try that in Barbados, where their headquarters is, because Barbados government is no joke, they want to do us as they like here, because government just lay back and does nothing.
  • ripoff (16/12/2014, 19:03) Like (15) Dislike (1) Reply
    This is high class robbery, so ppl who working for $5. An hour have to work a whole hour inorder to get thier little cheque change. Plus they have to stand inline for 45 minute at the bank....murderrrrrr
  • Tiss Tiss (16/12/2014, 19:20) Like (2) Dislike (9) Reply
    not sure what the fuss is about. When you use your ath card at a bank that is not the issuing bank there is a surcharge.
    • foolishness Mr. or Ms. Tiss Tiss (17/12/2014, 14:13) Like (2) Dislike (0) Reply
      That charge applies only to those who choose to have an ATM card and use it at any other bank's ATM. Then we can understand the fee but come on man...$5.00 to change my check because I don't have an account with you is beyond foolishness.
      I empathize with SSB CHk holders. $5.00 may not be much for this Tiss Tiss individual but it's a lot to many.
  • concern 1 (16/12/2014, 19:51) Like (5) Dislike (0) Reply
    This seems as it is all over for almost all businesses as my friend in the neighboring island says she used to pay $1.17 EC to withdraw at the ATM machine and now it is $5.00 and LIME through the mail let her know that from January she has to pay $6.00 or sign up to ebilling . I sorry for those pensioners who can barely pay the $26.50 for land line rental.ever thing gone skyrocketing .I thought we are supposed to get out this recession but we sinking deeper. It seems as if it doesn't matter which government we put into office the poor gets poorer
  • What d crap (16/12/2014, 20:19) Like (12) Dislike (0) Reply
    You mean to tell me my employer whose cheque is drawn on a firstcaribbean bank account and I go and change my cheque and don't have an account there I have to pay them $5.00? If so, that is high way robbery! Darn wickedness!
  • qc (16/12/2014, 23:41) Like (1) Dislike (0) Reply
    It's all about the profit
  • Manger (17/12/2014, 02:09) Like (1) Dislike (25) Reply
    Bank of America charges $6 to non clients all the time in the United States. Its nothing new!! Get out of that sense of entitlement mindset and wake up and look around you. And I am very aware that the BVI is not the USA.
    • i was hacked (17/12/2014, 10:03) Like (9) Dislike (1) Reply
      This is not the DAMN UNITED STATES, it’s Tortola, I’m so sick of u fools thinking everything America does is right.
      In America this in America that, we don’t care. Shut up They not better than here
    • . (18/12/2014, 02:37) Like (1) Dislike (0) Reply
      Stick your "sense of entitlement" obsession in your coco. Then get on the next boat, plane or hot air balloon back to your country. We BVIslanders are sick of your presence in our country and we are not fooled by your constant repetition of nonsense.
  • dj (17/12/2014, 07:13) Like (4) Dislike (1) Reply
    The banks in the BVI are supposed to be regulated and if so, they would have had to inform the regulator of this move before implementation. Now they are here acting like they don't know anything about it. That new fee is here to stay.
  • open wide (17/12/2014, 08:10) Like (2) Dislike (0) Reply
    Thanks for this vino
  • hey (17/12/2014, 08:16) Like (1) Dislike (18) Reply
    wells fargo charges 7.50 and Citi Charges 8.00 its a simple solution just open an account there whats the fuss
    • Notonmywatch (17/12/2014, 09:25) Like (5) Dislike (0) Reply
      But it is no longer a simple feat to open an account in any bank here.
  • Just saying (17/12/2014, 08:29) Like (0) Dislike (0) Reply
    To manger who dont know that is a a$$.
  • Joc (17/12/2014, 09:31) Like (1) Dislike (0) Reply
    This is wrong on so many levels for this bank to be doing this to people!!!
  • Trick or Treat (17/12/2014, 09:59) Like (2) Dislike (0) Reply
    I have no problem with the fee but the timing and short notice seems to be a deliberate act to prey upon the high increase of customers for the Christmas season. Why not as of January 1, 2015?
  • Observer (17/12/2014, 10:01) Like (3) Dislike (0) Reply
    Its not unusual for a bank to make a charge for cashing cheques of people that don't have an account with them. What is much worse is the recent introduction of a policy that they will not allow you to use money from CIBCFCB's own customer cheques that you deposit in your account, for 24 hours. Yet they will cash the cheque for - so tell me what's the point? The point is that they want to use your money overnight to make more money for themselves. Imagine 10 people depositing 10 cheques of r $1000 each per day. $10000 used over night will make the bank money that they would not otherwise make if they gave you credit right away. That is unconscionable. But you think care!!
  • OK Then (17/12/2014, 10:50) Like (2) Dislike (0) Reply
    Everyone who does not have an account with the bank should ask to be paid in cash. Let the bosses and persons paying you give you the five dollars to pay the bank. The bank to out of order it's like they demanding you to open an account with them or else. I thought that even here in the BVI we had choices!!!!
  • GREED (17/12/2014, 11:43) Like (1) Dislike (0) Reply
    Isn't FCIB (slowest bank/always 2 tellers at lunchtime) charging the company/business for having an account...so why impose a second charge on the customer who don't want an account with FCIB? Also all Social Security cheques are drawn on FCIB...why should FCIB make a profit off of people who have to pay hospital bills, purchase medications, take care of their newborn baby etc. GREEDY BANK....businesses need to move their accounts from FCIB.....don't be afraid you have options. Gov't, Social Security and the business sector need to look into this.
  • Ok? (17/12/2014, 13:48) Like (2) Dislike (2) Reply
    The people that are complaining about this, OBVIOUSLY doesn't have the slightest clue how banks operate. ONLY in the BVI some banks don't charge for this service. It's a service, it shouldn't be free! Now, if you're saying that $5 is a little too steep, then you have an argument.
  • the hard truth (17/12/2014, 14:00) Like (0) Dislike (0) Reply
    just do not depend on this goverment for any relief in the private or public sector..they have not regard for the poor
  • insider (18/12/2014, 11:19) Like (0) Dislike (0) Reply
    Charging for non customers was a proposal to one of the banks here, and the lady General Manager at the time put her foot down and said no. Yes it is being done in some of the larger countries, but a small country like the BVI it makes no sense. The local bank manager should have backbone and tell his head office that cant work here.
  • the Poor cant take no more. (18/12/2014, 13:21) Like (0) Dislike (0) Reply
    what makes me more mad at this the check that I am cashing it drawn on that bank so why do I have to pay $5 I try as them back for my cheque. your wages already small then I still have to give them $5.00 when the company I work for should pay me cash then. They are telling us we should have an account at every bank here then so they can continue to rob us blind.
  • W*F (18/12/2014, 16:34) Like (0) Dislike (0) Reply
    Banco Popular, First Bank, Scotia Bank are all charging $5 to use their ATMs.. Just about 2months ago I used Banco Popular ATM, and it was $2.50. I went to use it on Wednesday and it was $5. Is this reasonable?
  • Wait (19/12/2014, 00:24) Like (0) Dislike (0) Reply
    I going go in there to cash a $5.00 cheque see wha them look to tell me...


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