Cayman National

Electronic Funds Transfer (EFT)

Please be advised that going forward customers will enjoy the newly launched Automated Clearing House (ACH) service, which facilitates Electronic Funds Transfer (EFT) among six participating banks on island. For general information about ACH please visit the Cayman Islands Bankers' Association; for Cayman National specific EFT details please see the FAQs and guidance notes below:

Electronic Funds Transfer (EFT) FAQs

 

What is Electronic Funds Transfer (EFT)?

Electronic Funds Transfer (EFT) refers to transferring funds electronically from one local bank to another. It can be used for payroll, standing orders or just electronically transferring money from an account at Bank A to Bank B.

How does the EFT process work?

Our customers can either send an EFT using our Online Banking channel or via any of our Customer Service Centres. An EFT requisition form will need to be completed for transfers conducted via over the counter at the Customer Service Centres.

What are the benefits of using EFT?

The EFT process is secure, fast, reliable and convenient.

Transfer and settlement of funds can be done within the same business day if requested before our cut−off time of 1:00pm at our Customer Service Centres or executed by 2:00pm via our Online Banking channel.

Transfers done after these business day deadlines, will be executed the following business day. Transfers performed via our Online channel on weekends or bank holidays, will be executed the next business day.

Do I need special equipment or software to remit payments by EFT?

EFT Payments can be made using our Online Banking Platform or over the counter at any of our 7 Customer Service Centres.

Will I receive instructions on how to initiate my EFT payments?

Bank staff will guide you for over the counter payments and our Online Banking Platform makes the process simple and easy to understand.

Are there any financial institutions that cannot accept EFT?

All local clearing banks can accept EFT payments. (Participating local clearing banks are: Butterfield Bank (Cayman) Limited, Cayman National Bank Ltd., CIBC FirstCaribbean International Bank (Cayman) Limited, Fidelity Bank (Cayman) Limited, RBC Royal Bank (Cayman) Limited and Scotiabank & Trust (Cayman) Ltd.

Will Cayman National Bank charge for an EFT transaction?

EFT transactions that are conducted via Online Banking will be FREE. However outgoing payments conducted over the counter have a KYD 4.00 / USD 4.80 fee.

Are there any restrictions, e.g. currencies processed, type of accounts or transit numbers?

EFT payments can only be sent in KYD and USD however the transfer amount can be initiated from an account in a foreign currency such as GBP or CAD and appropriate exchange rates will apply according to the daily foreign exchange rate.

Funds can only be transferred to a Savings or Chequing account at all participating local banks.

Payments made directly to a loan or credit card are not permitted and will be returned by recipient banks.

Your transfer may also be rejected by RBC or Scotiabank if their Branch or Divison's Transit number is not included with the account number for the beneficiary - see Transit numbers and examples for these institutions in our EFT Guidance Notes.

Are there any limits to the number and value of EFT transactions that I can perform?

There is no limit to the volume of transactions that can be submitted. However there are maximum values.

Over the counter − USD 500,000 or KYD 416,616.67 per day per customer
Personal Online Banking − KYD 150,000 per transaction and KYD 300,000 daily
Business Online Banking − KYD 250,000 per transaction and KYD 500,000 daily

Are there any restrictions on who I can send transactions to?

An EFT transaction can be initiated to any beneficiary as long as the proper account information is provided and a valid KYD or USD bank account is in place at one of the local participating banks.

What type of information do I need to have for a person/company to whom I want to process an EFT transaction?

An EFT transaction requires a beneficiary name, beneficiary savings or chequing account number and the transit number or bank name if transit number is unknown. It is important that the customer ensures all information provided is correct and accurate.

How frequently will EFT transactions be exchanged between banks and how soon could beneficiaries expect to receive funds?

EFT transactions are exchanged by banks during business days. EFT transactions requested up to 1:00pm at our Customer Service Centres or 2:00pm via our Online Banking channel will be processed same day.

What if my EFT deposit date falls on the weekend or holiday?

EFT transactions submitted on weekends and holidays are held until the next business date.

What if there is a problem receiving a payment using EFT?

Most problems will be handled directly between the remitter and your bank. However, in cases where you notice a problem, please contact us at 949 4655.

What do I need to do if my bank account information changes?

Customer are encouraged to advise the Bank immediately of any changes to payment instructions if you have set up recurring Standing Orders to be submitted by EFT. Customers are responsible for having the correct beneficiary banking details and transaction amounts.

Can a bank debit my account without my knowledge or permission?

No, EFT payments must be authorised by the Account Holder.

Will I be assessed a penalty for sending in my payment by check?

No, however, cheques require up to one week to clear, while payments made by EFT will be delivered for same day value if requested by 1:00pm at our Customer Service Centres or 2:00pm via our Online Banking channel.

Is it true that if I sign up for EFT, I will no longer receive paper advices from my bank for remittances?

Customers do not need to sign up or notify the Bank in advance to receive EFT transactions. However, customer will need to sign up to use the service for recurring payments requested at one of our Customer Service Centres. If a copy is needed for personal records a stamped copy of the form can be provided.