Bank to offer only online statements

CIBC FirstCaribbean customers have been put on notice that they will no longer be getting their bank statements via the post office service.

According to the bank, it was changing its internet, email, fax and telephone agreement effective June 1, 2019. “You will now receive your bank statements via online banking instead of by post,” the financial institution said to its clients in a notice on its online banking platform.

In giving the rationale for the decision, the bank added: “You will have fast and convenient access to your statement, in the same format, through online banking at any time. You will benefit from enhanced privacy and security, less clutter, as well [as] online support.”

The bank noted that it had updated the agreement, pointing customers to its website or its customer care centre for more information.

According to a section of the agreement, the bank “reserves the right to first obtain verbal or written confirmation” before executing any of several instructions, ranging from the provision of account and transaction information, transfer of funds, and the issue of stop payment orders.

A section of clause 18 of the agreement also requires clients to examine each of their online statements at least once every 30 days. However, the contract states that if this review was not done at least once every 30 days, the bank would not be taking any responsibility for any errors, omissions or irregularities.

“I agree to notify FirstCaribbean International Bank of any errors, omissions or irregularities in writing within 30 days after the date on which the relevant entry was posted to my account,” it said.

The five-page document added that by failing to notify the bank of any errors, omissions or irregularities in writing in the specified time frame, the customer agrees that: “All entries and balances are correct; all instruments paid from my account are genuine, duly authorized and properly signed; all amounts charged to my account are properly chargeable to me; I am not entitled to be credited with any amount that is not shown in the online statements and I release FirstCaribbean International Bank from all claims in connection with the relevant account or credit card.

“In the event of any conflict between the provisions in this clause and the provisions in any agreement in relation to FirstCaribbean International Bank’s obligation to mail or send me statements, then the provisions of this clause 18 will prevail,” it added.

The agreement also warns of the risks of using cell phones and e-mails, advising clients that “FirstCaribbean International Bank does not use encryption or digital signatures for incoming or outgoing e-mail”, and that they should not share their confidential information or passwords with others.

In outlining its liability, the bank said it will not be responsible for any costs, damages, demands or expenses that the client may incur to the bank’s acting or its failing to act upon a communication, except for the bank’s gross negligence or wilful misconduct.