Tag: Bank fees
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 […]
Who controls fees banks can charge consumers?
I would like to know who has authority and oversight of the fees charged by the banks in Cayman. I suggest that you ask your readers about their experiences. Auntie’s answer: I have not met anyone who is happy about the fees their bank charges. My particular pet peeve is being charged to withdraw cash […]
