Local customers of the CIBC FirstCaribbean International Bank have three days before their convenience cards are rendered useless.
And the commercial bank has been ramping up its awareness and education campaign to ensure its customers are making the necessary changes.
CIBC FirstCaribbean is expected to be the first out the gate as the local banking system abandons the Barbados-based Caribbean Integrated Financial Services Inc. (CarIFS) system and adopts the VISA/MasterCard automated banking machine (ABM) cards.
Customers of the CIBC FirstCaribbean are expected to make the switch by November 1, 2020, meaning that the current convenience card for Barbados clients will be discontinued on Saturday, October 31.
The new cards are being promoted as having upgraded security features including chip and pin and tap technology, compared to magnetic strip of the convenience cards.
They also come with a lot more benefits, including being able to make online purchases, access to foreign currency when overseas, and withdraw cash from an account at an ATM or cash dispenser overseas that accepts VISA or PLUS cards.
It is expected that the other four commercial banks will make the switch shortly, as well as at least two credit unions.