The change will come into effect from March 31, 2026

Bridgetown Barbados, March 2, 2026 – As electronic payments have now become the norm in transferring funds from one point to another by individuals and businesses,CIBCCaribbean has announced that from March 31, 2026, it will no longer issue or process cheques and bank drafts denominated in Great Britain Pounds (GBP).

This decision follows the discontinuation of GBP cheques and bank draft services by the bank’s correspondent banking partner, as well as broader industry-wide shifts towards more secure and efficient electronic payment methods.

Clients currently holding GBP cheques and bank drafts are strongly encouraged to present them at one of the bank’s branches for encashment or deposit them to an account before March 31, 2026, to ensure timely processing.

“As global banking systems continue to modernise, electronic payments have become the standard for security, speed and reliability,” said Deepa Boucaud, Executive Director of Personal and Business Banking at CBC Caribbean.  “While we recognise that some clients have traditionally relied on paper instruments, this change allows us to align with the international best practices and provide faster, safer alternatives for sending and receiving funds.”

CIBC Caribbean encourages clients to use its Online Banking and Mobile App to send and receive GBP wire transfers securely within minutes from any convenient location worldwide.  Electronic transfers provide enhanced security, improved tracking and faster settlement compared to traditional paper-based instruments.

Clients who are not yet registered in the bank’s Online Banking can visit its website at cibccaribbean.com to register or download the Mobile App via the Apple App Store or Google Play App, to gain immediate access to secure digital payment services.

CIBC Caribbean remains committed to ensuring a smooth transition for all clients.  Seniors who wish to send funds using wire transfers instead of drafts will receive personalised assistance at any branch, where staff will guide them through completing the wire transfer as a secure alternative.

Mrs. Boucaud added: “We recognise that any change takes some time to get used to, especially as we are moving away from a method of operating that some of our clients have been using for many years. CIBC Caribbean appreciates the continued trust, understanding and cooperation of its clients as we continue to advance our integration of modern, secure, and efficient banking services in line with global banking advancements.”

For additional information, clients may contact their nearest CIBC Branch or visit the bank’s website at cibccaribbean.com.

ENDS~

CIBC Caribbean 

CIBC Caribbean is a relationship bank offering a full range of market leading financial services through our Corporate Banking, Personal and Business Banking and Private Wealth segments. We are located in ten (10) countries around the Caribbean, providing banking services through approximately 2,700 employees in 41 branches and offices. We are one of the largest regionally listed financial services institutions in the English-speaking Caribbean, with US$13 billion in assets and market capitalization of US$1.7 billion. We also have a representative office in Hong Kong that provides business development and relationship management for our fund administration. The face of banking is changing throughout the world, and CIBC Caribbean intends to lead these changes with the expertise, integrity and knowledge gained from banking in the Caribbean since 1836.

Ongoing news releases and more information about CIBC Caribbean can be found at https://www.cibccaribbean.com/about-us/media-centre

CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.

For more information about CIBC Caribbean, visit www.cibccaribbean.com , Facebook, X , LinkedIn, Instagram or YouTube.