1/18/2024 0 Comments Cibc chequebook![]() This newspaper, though, understands that CIBC will make staff available to assist persons in conducting transactions via the ABM. Queues seen oustide the bank’s branches at Mall at Marathon and Sandyport indicate many persons still do banking in-branch, as well as raising questions as to how many tellers are on duty. While use of digital and electronic banking channels has been increasing among Bahamians and local businesses, CIBC’s January 3 move will still likely represent a culture shock for many and those used to conducting transactions physically in-branch - especially the elderly - may be faced with a steep learning curve. For right now there’s no loss of staff because of it.” Not even with the Palmdale branch’s closure. I’ve said to them that it’s alright to drive, but you have to prepare your elderly population. “They’ve been driving the digital channel for a while. ![]() “I haven’t had any discussions about staff being laid-off because of that,” she confirmed. ![]() Teresa Mortimer, head of the Bahamas Financial Services Union, which represents CIBC’s line staff, last night told Tribune Business there had been no talks with the bank over potential lay-offs resulting from the move. No mention was made of any redundancies that will result from the move. “It also supports our frontline teams by freeing up capacity to focus on providing additional value-added service to our clients.” “This change supports the bank’s vision of delivering a modern digital banking experience which is personalised, easy and convenient,” CIBC staff were informed. These were listed as the bank’s instant teller/smart ABM network night deposit box online banking and mobile app. Explaining the rationale for its move, which is due to take effect in just over a month once the Christmas and New Year holiday is over, CIBC told staff: “Effective January 3, 2023, CIBC FirstCaribbean branches in The Bahamas and Turks and Caicos Islands will no longer be processing over-the-counter transactions that can be performed via our alternative banking channels.” The COVID-19 pandemic, with its lockdowns and associated restrictions, has merely accelerated this drive. The move marks the latest step by CIBC, in common with other Bahamian commercial banks and especially its Canadian-owned counterparts at Royal Bank of Canada (RBC) and Scotiabank, to increasingly drive consumers towards using online, Internet and ABM banking channels to conduct regular transactions and day-to-day financial services business. However, the briefing paper added: “Clients will still be required to visit the branch to open accounts for politically exposed persons (PEPs) and joint accounts. Other in-branch services that will also be discontinued are the opening of “personal and sole proprietorship” bank accounts and deposit account openings. The document, which has been seen by Tribune Business, reveals that “effective January 3, 2023”, CIBC will no longer facilitate cash and cheque deposits cheque cashing corporate and small business deposits withdrawals under the daily $3,000 automated banking machine (ABM) limit credit card payments bill payments domestic and international transfers transfers between CIBC accounts and with other CIBC clients and third party transfers physically in its branches. The BISX-listed bank, which is more than 95 percent owned by its Canadian parent through the regional Barbados head office, disclosed its plans to cease processing virtually all forms of over-the-counter payment transactions in the New Year via an internal staff briefing paper. Tribune Business FirstCaribbean last night justified its decision to halt physical in-branch transactions from January 3 - a move that will impact thousands of Bahamians - by asserting that 85 percent of clients are already using digital banking channels.
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