RSSBanking Questions

Why haven’t interest rates decreased?

Why haven’t interest rates decreased?

| 02/09/2019 | 10 Comments

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 […]

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Can banks charge stamp duty for debit card purchases?

Can banks charge stamp duty for debit card purchases?

| 11/07/2019 | 12 Comments

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 […]

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The cost of changing coins

The cost of changing coins

| 05/03/2019 | 8 Comments

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 […]

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Long wait to clear a cheque

Long wait to clear a cheque

| 04/03/2019 | 8 Comments

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 […]

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Cannot transfer funds from PayPal to Cayman account

Cannot transfer funds from PayPal to Cayman account

| 30/01/2019 | 22 Comments

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 […]

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