RSSBanking Questions

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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Non-account holder unable to cash cheque

Non-account holder unable to cash cheque

| 11/01/2019 | 3 Comments

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 […]

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Stamp duty on bank transactions

Stamp duty on bank transactions

| 17/12/2018 | 4 Comments

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). […]

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How to buy repossessed vehicles

How to buy repossessed vehicles

| 10/12/2018 | 1 Comment

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 […]

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Determining increases in mortgage interest

Determining increases in mortgage interest

| 25/11/2018 | 16 Comments

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?

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