Cayman National

Introduction of Electronic Funds Transfer (EFT)

Cayman National is pleased to introduce its offering of Electronic Funds Transfer (EFT). The EFT system will facilitate the electronic movement of local transactions in either Cayman Islands dollars (KYD) or United States dollars (USD), to personal and coporate accounts. Banks will now be able to transmit bank to bank transactions such as:

payroll, dividend payments, pension payments, supplier payments, standing orders electronically

We wish to advise that there will be a charge of KYD4.00 or USD4.80 for an electronic funds transfer transaction to other participating local banks. Our Schedule of fees have been updated to reflect this new fee. In an effort to better serve you the EFT payment system will be available effective 19th March, 2018 through over the counter and Online Banking.

EFT 101 & Guidelines

Requirements New Customers
Please complete XYZ form

Existing Customers
Please complete XYZ form to update your current services
Benefits The EFT process is secure, fast and convenient. Experience the ability to transfer and settle funds with family, friends, suppliers/providers, clients at any of the participating retail banks within the same day subject to agreed exchange timelines.
What accounts will EFT transactions affect? Transaction can be applied to any of the following Cayman National accounts: Chequing, Savings, and Loan accounts
What can I used EFT to pay? Personal:
Utility and service provider bills, Mortgage or loan payments

Business/Corporate:
Payroll, Dividends, Pension
Is there a fee? Yes a minimal fee of KYD4.00 or USD4.80 will apply to transactions

Additional Resources

Please be advised that going forward customer will enjoy the newly launched Automated Clearing House (ACH) service, which facilitates Electronic Funds Transfer (EFT) among six participating banks on island. For more information please see the FAQs and guidance notes below:

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Organisations We are Members of

 

Bank of the Year Cayman Islands 2005, 2008, 2012, 2016