St. Vincent Asset Purchase-General Correspondence from BOSVG
Following regulatory approval, CIBC FirstCaribbean International Bank (CIBC FCIB) has advised that the sale of their operations in St. Vincent and the Grenadines, will conclude on 24th March 2023; at which time the Bank of St Vincent and the Grenadines Ltd. (BOSVG) will acquire their book of business.
In light of the aforementioned, CIBC FCIB will wrap-up their in-branch Retail operation on 22nd March 2023, to facilitate the transition of your account(s) to BOSVG. We would therefore, like to inform you of the arrangements which have been made, in order to make your transition to our platform as smooth as possible.
ELECTRONIC FUNDS TRANSFERS (EFT)
Immediately following the termination of CIBC FCIB’s EFT service on 23rd March 2023, the routing number of all newly initiated EFT payments should be changed to 000000343, in order to effect a transfer. If this is not done, the transfer will not be successful.
EASTERN CARIBBEAN AUTOMATIC CLEARING HOUSE (ECACH)
To facilitate the clearing of cheques, CIBC FCIB ‘s routing number will remain functional for six months following their cut-off date of 22nd March 2023. Thereafter, all cheques bearing CIBC FCIB’s local routing number(s) will no longer be negotiable.
CHEQUE BOOKS
Cheque books for all Demand Deposit Accounts will be printed and ready for distribution no later than 17th March 2023. As we draw closer to this date, we will advise you on specific arrangements for collection.
Customers wishing to produce their own cheque books, should ensure that they bear BOSVG’s routing number: 000000343. The full details of the requirements for producing compatible books can be accessed on our website www.bosvg.com under the “Products & Services” menu. Alternatively, you may request cheque books by emailing us using [email protected] or inquiring at any of our branches.
WIRE TRANSFERS
All wire transfers should be routed to BOSVG using the most applicable intermediary banking information. These details can be accessed on our website: www.bosvg.com under the “Products and Services” menu.
VISA DEBIT CARDS AND CREDIT CARDS
BOSVG branded cards will be available for distribution to customers, during the month of January 2023. These cards will replace your CIBC FCIB debit and credit cards and can be activated commencing 27th March 2023. Further communication relating to the time and place for collection will be provided.
While your cards will work at all BOSVG ATMs and Point of Sale machines throughout St. Vincent and the Grenadines, we will be working to ensure that CIBC FCIB machines become available soon after the transition.
SCHEDULED PAYMENTS/ STANDING ORDERS
Your existing scheduled payments/ standing orders will be automatically transferred to our platform.
ACCOUNTS, LOANS AND GENERAL BANKING SERVICES
- For your convenience, account number(s) will remain unchanged after the transition is completed.
- All Fixed Deposit accounts will be automatically transferred to us upon transition. However, a representative from BOSVG will make contact with you to confirm your terms and conditions. The existing terms of your loans will remain in effect following the transition.
- Your online banking accounts will be transferred automatically and credentials will be sent to you prior to the date of transition. Additional details concerning this product will be communicated to you in the coming months.
- All other products and services provided by BOSVG will become available to you on Monday 27th March 2023.
- The opening hours for BOSVG are 8:00 a.m. to 2:00 p.m. from Monday to Friday.
