FirstCaribbean attempts to allay concerns
All customers who opened accounts at CIBC FirstCaribbean International Bank after 2007 have already agreed to controversial terms that will kick in next year.
That’s according to the financial institution which this afternoon responded to public concern that followed media reports about its communication to customers outlining the changes.
“The correspondence was sent to customers whose accounts were opened prior to 2007 and is designed to bring these account agreements up-to-date in line with the account mandate that has been signed by our customers who have opened accounts or accessed new services with the bank after January 2007,” the bank said in a statement.
“Our fees are reviewed at intervals and are adjusted – upwards or downwards – in line with a number of conditions within a particular jurisdiction. Should there be an adjustment to any fees or rates in the future, this would of course be done with the appropriate notice to both our regulators and our customers, as is customary.”
The bank also defended its plan to change its approach to processing its data, stating this had been approved by regulators and was necessary to improve its efficiency.
“There is no change to the way our customers operate or access their accounts. Their funds remain accessible through the usual customer channels such as the branches, internet and telephone banking and our network of ABMs,” the bank stated.
It explained that centralized processing of client transactions, including through third parties, was standard across financial institutions and other companies, both inside the Caribbean and beyond.
“We’d like to give our customers the assurance that CIBC FirstCaribbean operates at the highest standards of security, and our customers can be assured that their information will be accessed by a highly trained, competent, workforce, which adheres to the highest standards of confidentiality.
“Like any other responsible company, CIBC FirstCaribbean makes every reasonable effort to prevent unauthorized use, sharing, loss or theft of information. Employees who have access to customer information are made aware of the importance of keeping it confidential, and where we use service providers we select them carefully and require them to have privacy and security standards that meet our strict requirements,” the bank added.