Banking Questions
Why haven’t interest rates decreased?
Why is it that within days of the Fed increasing interest rates the local banks are notifying us that their rates will increase yet it’s been about a month since the Fed announced a decrease (of 0.25 percentage points to 5.25%) and we haven’t heard anything? Can we expect a decrease? Auntie’s answer: I contacted […]
Can banks charge stamp duty for debit card purchases?
Do banks in the Cayman Islands charge their customers stamp duty on point of sale (POS) transactions purchased via debit card? Where in the Stamp Duty Law does it allow this? Auntie’s answer: I will answer your second question first since that is more straightforward. Section 3.1 of the Stamp Duty Law says, “There shall […]
The cost of changing coins
I have heard that the banks charge a percent fee for changing coins. Is this true? If yes, is this legal? I would appreciate an answer as I have a full coin jar I wish to change. Auntie’s answer: The quick responses are yes and yes. As discussed in a recent column (see Non-account holder […]
Long wait to clear a cheque
Why in 2018 does it take a week to clear a local cheque? I made a deposit of two Butterfield cheques from my own account to the Scotia ATM at the Airport Foster’s (they no longer have a convenient ATM on Seven Mile Beach) on Monday morning. On Wednesday morning the funds were removed from […]
Cannot transfer funds from PayPal to Cayman account
I have funds in my PayPal account that I would like to transfer to my bank account in Cayman. PayPal is really useful for receiving money from countries around the world and I tend to use it a lot. I have previously transferred money from PayPal to a bank account in the US but getting […]
Non-account holder unable to cash cheque
I went to a bank in Cayman to cash a cheque issued by a local insurance company from an account at the same bank. The cheque was refused and I was told I had to present it at my own bank. Is this correct procedure? What about people who don’t have a bank account?! Auntie’s […]
Stamp duty on bank transactions
On what basis does government charge 25 cents stamp duty on a transfer from a customer’s savings account to his checking account? This is just an internal transfer. Auntie’s answer: The reason seems to be “because they can” as a way to bring in money to the government, under the Stamp Duty Law (2013 Revision). […]
How to buy repossessed vehicles
Where can I get/view the repossessed cars from the bank? Auntie’s answer: I have to admit that this question makes me a bit sad. I cannot fault you for inquiring about repossessed cars but it does conjure images of people who have fallen on hard times, which is especially upsetting as we get nearer to […]
Determining increases in mortgage interest
If the US prime rate is 5.25 percent for the month of October 2018, by how much percent should the banks in the Cayman Islands increase their mortgage interest rate?
