Report on Commercial Banks' Cost Access Survey

Published: Friday February 2nd, 2024

In line with its strategy towards the reduction and elimination of cheques, the Central Bank conducted a survey to ascertain the time and cost associated with alternate payment types; in particular, bank transfers and local and international wires. Specifically, banks were asked to report on the cost, frequency and turnaround time for cheque orders, as well as whether cheques were printed locally or internationally. In addition, banks were asked to clarify the cost associated with various forms of bank transfers, including NACHA payments, RTGS payments and wire transfers, as well as ATM/ABM services. Banks were also asked to provide details around the daily limits for online and ATM/ABM transfers, as well as the time associated with a payment being posted to a recipient account, versus having the funds available for use. Lastly, banks were requested to clarify the length of time it would take to correct an erroneous incoming transfer via different payment types.

The results of the survey are intended to propel the efforts of the Business Matters Working Group, a subcommittee of the Steering Committee on the Reduction and Elimination of Cheque Usage in The Bahamas, which has been tasked with identifying business gaps related to cheque elimination.

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