FCIB CIBC customers find themselves without cash during BOSVG transfer

Despite the use of various media to give notice of the temporary closure of Automated Teller Machines (ATM) and other electronic banking services, several customers of CIBC FirstCaribbean International Bank (CIBC FCIB) have been left without cash since Wednesday, March 22.

That was the cut off date for in-branch retail services and electronic operations at CIBC FCIB.

The pause in service is to facilitate the transition of accounts to the Bank of St Vincent and the Grenadines (BOSVG).

On Wednesday, scores of persons turned up to CIBC FIBC ATMs to withdraw cash, while others unsuccessfully attempted to use their debit and credit cards for retail transactions.

Some persons also claim that online transactions on several sites were also unsuccessful.

Attempts to log in to online banking were also futile from March 22 for some persons.

An official at BOSVG told SEARCHLIGHT that the banks have been using numerous channels to place adverts advising clients of CIBC FCIB in St Vincent and the Grenadines (SVG) that in-branch retail operations will end on March 22.

Advertisements were carried as early as the January 27, 2023 of SEARCHLIGHT advising that all CIBC FCIB Automated Banking Machine (ABM) services (Halifax Street branch and remote ABM sites at Argyle International Airport and Sunrise Supermarket Arnos Vale) would close at 1.30 p.m.

The advertisement also said that the cut-off date for merchants using CIBC FCIB point of sale machines, American Express Company (AMEX) will stop on March, 21 at 11.30 p.m., while all other services will cease on March, 23 at 11.30 p.m.

The ad also stated that on March 22, the CIBC FCIB Branch would be closed to the public from 3:00 p.m. and the sale of local currency drafts would also not be available.

March 23 at 6 p.m. was listed as the cut-off date for credit card transactions, debit/Visa debit transactions and internet banking transactions.

But while some of the dates and times were listed for cut-off, some of the services actually stopped being offered before the cut off times and dates. Several persons reportedly, were unable to access online banking, carry out credit card, debit/Visa debit transactions and internet banking transactions on March 22, although the cut-off date was listed as March 23.

On Thursday, a source at BOSVG said it seems that a lot of persons did not read the advertisements and that created an issue.

CIBC FCIB officials responsible for dealing with the media were said to be busy in meetings and could not be reached.

The managing director of BOSVG, Derry Williams, had advised in January this year that the sale of operations of CIBC FCIB will conclude today, March 24, 2023, at which time, the BOSVG will acquire the business.

All account numbers are expected to remain unchanged after the transition is completed and all Fixed Deposit accounts will be automatically transferred to the BOSVG.

Clients’ existing scheduled payments/ standing orders will also be automatically transferred to the BOSVG platform.

Existing loan terms will remain in effect following the transition, and online banking accounts will be transferred automatically.

BOSVG branded cards will replace CIBC FCIB debit and credit cards and these can be activated commencing this Monday March 27.

All other products and services provided by BOSVG will become available on Monday, March 27.