CIG rolls out law to speed cheque clearance
(CNS): A new piece of legislation will be debated in the Legislative Assembly, when the sitting opens Wednesday, that government says will speed up cheque clearance between banks. The Bills of Exchange (Amendment) Bill, 2019 facilitates an Automated Clearing House system, making things more efficient, Ministry of Financial Services officials said in a press release. The bill stems from a private member’s motion filed by MLA Alva Suckoo (Newlands), which was accepted by the former government in 2016 and led to banks implementing systems that allow customers to get their money quicker.
The ministry explained that the bill will allow banks to recognise digital images of cheques as if they were the original, removing the need to physically deliver the cheques.
Another piece of legislation for the financial sector is expected to enhance Cayman’s competitiveness when it comes to dealing with Trusts. The Trusts (Amendment) Bill, 2019 makes minor amendments to improve the operation of the law.
“It achieves this by enhancing the Grand Court’s administration of trusts to provide greater clarity and certainty for court proceedings involving users of Cayman Islands trust products,” officials stated. “The bill is a commercial enhancement stemming from a Cayman Islands Law Reform Commission report on Cayman’s trusts law. It is supported by the Cayman Islands Judiciary and the Society of Trusts and Estate Practitioners Cayman.”
Category: Financial Services
Bring apple pay to Cayman
It’s pretty weird that Cayman, being a world class financial center and all, doesn’t have a single big bank that operates like big banks the world over. Everything is the bastard stepchild of sone half-assed Brit operation running out an ex-colony somewhere.
My mom sends me a birthday check every year. The banks get $10 of it???? WHY???
Like, seriously, that sweet old woman gives me $80 thinking I will take myself and a pal out to dinner. And the bank takes $10 of it.
You guys suck.
My son gets a dividend from a share I bought him when he was one year old. It’s only a few cents and the bank charges me $10.00.
I thought the banks used the Trolley Roger (max speed 2mph) to deliver the cheques, it’s even slower going round corners.
No man, they use turtle back, slightly slower than donkey
Good job enacting this legislation. Can banks now transition to chip and pin? Why are we still using outdated technology in 2019????
Some local banks already support chip and pin on the pos terminals they install for merchants. That is a different matter from digital clearing of cheques through the CIACH. The latter is phase 2 of CIACH as you can already do electronic funds transfer from your bank to other local banks via their online customer portals.
The new process should only accelerate the clearing of cheques. Those that use “checks” should have to wait longer. Union Jack on the flag, Queen’s English please.
Whaa ya say?
Cheque looks so French (i.e. gay), how do the Scots spell it?
Who uses cheques?
How about stopping this theft from CI$-US$ .8.82.84 spread? Its based on nothing….nothing. The black market in currency exchange flourishes because of this, and the banks get to build themselves massive monuments thanks to the spread…it must end…if anything, the CI$ should be revalued and placed on par with US$…stop ripping off the public.
Scotiabank gives you 4% cashback on certain spends, but you can only get the card in US. The shops uses 0.80 and then Scotiabank uses 0.84 making your true cash back a big fat 0.
Not to mention that most banks soon are not going to accept any U.S. cheques at all. WHAT???
Do you understand what a revaluing i.e. devaluation of the CI$ to be on par with the US$ would mean? Your bank CI$ account balance and any asset you have priced in CI$ will immediately be worth 20% less. However banks have loan clauses that ensure your CI loan balance will not drop by 20%. Also, assuming that you will not get an immediate 20% salary increase, your paycheck would be worth 20% less overnight. Essentially we would have an immediate 20% inflation hike. Would this revaluation / devaluation work for you?
cayman banking…..5 star price for 3 star quality
12.28pm and that’s why you are here making all those $.
i’m here to live my life and highlight the nonsense i see here everyday…what you doing?
And I guess you are not a contributor at all to “some of the nonsense”.
Kudos to MLA Suckoo, well done !
Thank you CIG. This will stop the banks using my hold funds to make interest over 4days of which is ridiculous. A friend wrote a check to me on a Monday which I deposited to my acct the same day. The check went through his acct the next day yet I had to wait 4days. They are just licences cartels
They can use the local electronic funds transfer instead of cheque and you’ll get the funds by the next business day.
Finally. Maybe Cayman banking will finally join the rest of the world.
Other countries haven’t used checks for years. Time to get out of the 90’s.
Wow .. do you mean we will no longer have to wait until Saturday to receive funds we deposit on Monday … at a bank we have been dealing with for years???