CIBC Frequently Asked Questions
To better cater to your needs, we have prepared this page with the most recent updates and frequently asked questions regarding CIBC.1. When was the sale of CIBC FirstCaribbean's banking assets in Curaçao and St. Maarten announced?
On October 31, 2023, CIBC FirstCaribbean International Bank Limited announced that its wholly owned subsidiary, FirstCaribbean International Bank (Cayman) Limited, has agreed to sell its banking assets in Curaçao and St. Maarten to Orco Bank.2. How will the transition of client accounts between CIBC FirstCaribbean and Orco Bank be handled?
CIBC FirstCaribbean and Orco Bank are committed to ensuring a smooth transfer of client accounts. Their respective teams will collaborate closely to facilitate a seamless transition. The process is expected to be finalized several months from the date of the announcement.3. Why did Orco Bank acquire most of the Curaçao and Sint Maarten operations of CIBC FirstCaribbean?
The acquisition of CIBC FirstCaribbean’s Curaçao and Sint Maarten business presents an excellent opportunity for Orco Bank. Orco Bank aims to be the preferred partner, offering innovative, effective, and customer-centric solutions that enable our customers to achieve financial freedom in a responsible and sustainable manner while creating shared value for the communities we serve.
4. What will change for the CIBC clients?
The terms for loans and time deposits will remain unchanged. Additionally, every effort will be made to align all other products as closely as possible with the existing offerings, following Orco Bank's pricing and terms.
5. Where do clients have to go to do their CIBC business now?
All clients may continue to conduct their banking business at CIBC. Any changes in this situation will be communicated once the merger of CIBC and Orco Bank is complete.
6. What is Orco Bank and its focus?
Orco Bank, established in 1986 in Curaçao, is dedicated to serving the communities of Curaçao, Bonaire, and Sint Maarten by providing a comprehensive range of personal and business banking solutions. The bank has expanded its scope to deliver banking products and services to individuals and businesses in the region, offering an extensive range of banking solutions designed to meet the unique needs of personal customers and businesses.
7. What banking solutions does Orco Bank offer to personal customers?
Orco Bank offers a variety of account options such as current accounts and savings accounts, credit and debit card choices, flexible financing options with mortgages, personal loans, and car loans, along with insurance brokerage services.
8. What financial services does Orco Bank provide to businesses?
Orco Bank supports businesses with a comprehensive range of products and services, including corporate credit facilities, insurance solutions, time-deposits, and point-of-sale (POS) facilities.
9. How can customers access Orco Bank's services conveniently?
Orco Bank provides state-of-the-art online and mobile banking platforms, allowing customers to manage their accounts and perform transactions conveniently from anywhere at any time.
10. How does this sale impact CIBC FirstCaribbean and Orco Bank?
Upon completion of the transactions, CIBC FirstCaribbean will focus on optimizing and simplifying its business, while Orco Bank will expand its reach and continue providing superior service to both existing and new clientele.
11. Will the acquisition of CIBC portfolio affect my service offering at Orco Bank?
The acquisition of the FCIBC portfolio will not impact your service offering at Orco Bank. Orco Bank is committed to providing a seamless banking experience for all our customers. We understand the importance of efficient service, and we have taken measures to ensure that our branch operations continue to run smoothly.
12. Will I have to stand in long queues at the branch?
Rest assured, the acquisition of the FCIBC portfolio will not lead to long queues at our branches. At Orco Bank, we have always strived to provide our customers with a convenient and efficient banking experience. We are well-prepared to handle the increased customer base resulting from this acquisition. Our commitment to superior service, support, and dedicated assistance remains unwavering.
13. Will my Account Manager have less time to offer support or dedicated service?
Your Account Manager will continue to have the time and resources needed to offer you the personalized support you deserve. Our focus is on maintaining the high standards of service that you've come to expect from Orco Bank. Your Account Manager will have the necessary resources and time to assist you effectively. Orco Bank remains committed to offering a seamless and superior banking experience, and this commitment will not change with the acquisition.
14. How long will clients experience no changes?
Until the actual takeover, clients can expect no changes. Information about the upcoming changes will be provided closer to the transition date.
15. Will all corporate and retail customers be transferred? If not, how will I know if I'm staying or moving?
Not all clients will be transferred to Orco Bank. Those who won't be transferred to Orco Bank will be notified before the transition date.
16. Where will Orco Bank be located in Curaçao and St. Maarten?
The current location of Orco Bank in Curacao will remain the same, and for SXM, clients will receive location details before the transition date.
17. What happens if I already have accounts with Orco Bank?
Your CIBC account will be transferred to Orco Bank without merging it with your existing Orco Bank account(s).
18. What if I don't want to remain a customer of Orco Bank?
You have the option to close your CIBC account before the transition date.
19. Will there be ATM machines in Curacao and St. Maarten?
We will provide information about our self-service options to clients before the transition date.
20. How long will the transition process take?
It will take at least 4 months for Curaçao and one year for SXM.
21. Will cash services be available at the Sint Maarten Branch after the transition is finalized?
Orco Bank is actively engaged in making cash services accessible to customers once the transition is complete, ensuring that customers have access to cash.
22. Will I receive new account numbers and cards?
All clients will receive information about their new account numbers and debit/credit cards before the transition date.
23. What will happen to my current terms, conditions, and rates?
After the transition date, the terms and conditions of Orco Bank will apply.
24. What types of products do you offer?
To explore our product offerings, please visit https://www.orcobank.com/
25. What are the fees associated with Orco Bank services?
For a comprehensive list of fees, kindly refer to https://www.orcobank.com/About-Us/About-Us/Fees-Schedule
26. Can I open an account at Orco Bank Bonaire?
Information on opening an account at Orco Bank Bonaire can be found at https://www.orcobank.com/
27. Who is my designated account manager?
Clients will receive information about their assigned contact person before the transition date.
28. Does Orco have ATM’s?
Soon Orco Bank will introduce ATM’s. We will start with an ATM at our Branch in Curaçao and afterwards we will be placing at other outdoor strategic locations.
29. What about the ATM fees now, that are not being charged when using ATM of BdC /MCB?
All local withdrawals will be charged ANG 1.50 per transaction. Transactions on Orco Bank ATM will be free of charge.
30. Does Orco have a Credit Card with similar great features and conditions as FCIB (rewards)?
Orco Bank offers a variety of Credit Card types, click here for more information https://www.orcobank.com/Personal/Credit-Cards/Credit-Card-Types. Click here for more information on Scorecard Rewards https://orcobank.com/Personal/Credit-Cards/Credit-Card-Services/ScoreCard-Rewards-Program
31. Does Orco have online banking? With similar great features as FCIB?
Orco Bank offers online banking and app services, click here to find out more https://www.orcobank.com/Personal/Services/24-7-Banking
32. When will customers be duly informed of moving to Orco Bank and who will be the new relationship manager to contact?
All customers will be informed directly and accordingly during the transition period.
33. Will clients maintain their Relationship Officer? Will Staff also transition to Orco Bank?
Clients won't maintain their Relationship Officer, not all staff will be moving to Orco Bank; only a few employees will make the transition. But Orco Bank will ensure proper communication during the transition period.
34. Will there be a snapshot of accounts/ loans in order to check that the transition is correct?
There will not be a snapshot.
35. Are the same products available at Orco Bank; eg Sure Start?
Orco Bank has about the same products and services. A product matching is currently taking place.
36. Will there be more branches of Orco Bank?
For now we will have one Branch in Curacao. St. Maarten will have an additional branch or the branch will move. We will communicate this accordingly.
37. Is there a “hotline” at Orco Bank for questions that customers have about products/the bank?
To reach Orco Bank for assistance, you can use the following contact information:
Email: customer.support@orcobank.com; Telephone: (+599 9) 732-7070 (dedicated phone), include in the Subject: CIBC Customer
38. Who is the correspondent bank of Orco Bank?
Bank of America, ING bank Brussel
39. What is the fee schedule and will the customers maintain same fees as FCIB?
For more information on Orco Bank’s fees, please click here https://www.orcobank.com/About-Us/About-Us/Fees-Schedule
40. Will transfers (locally / internationally) be processed as quickly as with FCIB?
Locally is IPCSM (instant). International: Swift same day until 2pm. All transfers after 2pm will be processed the next day.
41. What will happen with bridging loans that are still under construction? How will these be managed?
We will take over the bridging loans with equal conditions. The construction balance will be transferred to Orco Bank and can be disbursed according to schedule as agreed upon with CIBC, taking into account the applicable conditions.
42. Does Orco Bank have expertise in the International corporate Banking to manage the accounts (from day one)?
Orco Bank presently oversees both local and international (corporate) clients.
43. Record keeping will Orco Bank have access to ICBS and FCC if clients wish to inquire information of the last 10 years as dictated by the regulators?
Orco Bank will not have access, but will receive transaction history (statements) current and savings accounts of the last 3 years.
44. Will all banking products I have now with CIBC FCIB be transferred to Orco Bank, including but not limited to Merchant Services (POS & E-Commerce and Payroll), Debit and Credit Cards. How will the transition go?
Orco Bank offers a wide range of banking products and services, including but not limited to payment solutions as mentioned. Contractual products like loans and time deposit will be taken over unchanged, while for other products it might be that we offer you the best matching product. Clients will be duly informed about this and are more than welcome to discuss other products if desired.
45. Will I maintain same account number after the transition; if not, when will you confirm the new account number. Will CIBC FCIB have a transition period. (This considering that some customers have their account number on their invoice.
Clients will be informed amply in time about their new account number and other relevant information to ensure undisturbed payments.
46. Till when can I view my statements via CIBC FCIB online banking after transition?
While Orco Bank will take over 2 years of transaction history, it is strongly advised that client download all statements, etc. before CIBC closes their systems. CIBC will inform their client amply in time.
47. Will the existing terms and conditions in the Credit Agreement remain valid after transition?
Yes.
48. What will happen with the securities granted to CIBC FCIB? In case they will be transferred to Orco, would it incur additional cost for me? (Notary & Registration cost).
The contracts including conditions and securities will be taken over by Orco Bank. There will be no costs involved for clients.
49. When is the last day I can use my CIBC FirstCaribbean credit or debit card?
The last day to use your CIBC FirstCaribbean credit or debit cards is May 22, 2024.
50. What happens to the rewards points I have accumulated on my CIBC FirstCaribbean credit card?
You must redeem any accumulated rewards points by May 18, 2024. Any points not redeemed by this date will be converted to cash and credited to your account as part of the transition to Orco Bank N.V.
51. Will the pricing and features of my current CIBC FirstCaribbean cards remain the same?
Yes, all pricing and features will remain unchanged until the transfer to Orco Bank N.V. is complete. CIBC will notify you in advance of any changes to pricing or features thereafter.
52. What should I expect on my final statement from CIBC FirstCaribbean?
The final statement will reflect transactions up to May 22, 2024. Please note that this statement may not show the customer’s final balance as any transactions following this date will be processed by Orco Bank N.V.
53. Where should I direct my queries regarding my credit or debit card up to May 24, 2024?
Until May 24, 2024, you can direct all your queries to CIBC FirstCaribbean's Customer Contact & Sales Centre.
54. After May 24, 2024, who will handle my customer service inquiries?
After May 24, 2024, all customer service inquiries should be directed to Orco Bank N.V. You can reach them via email at customer.support@orcobank.com or by phone at (+599 9) 732-7070.
55. How will I receive my new Orco Bank N.V. credit or debit card?
New credit and debit cards will be issued by Orco Bank N.V. in a timely manner. Details for collection and activation will be communicated shortly to all customers to ensure seamless transition.
56. What is the Welcome Package Pickup?
The Welcome Package Pickup is an event organized for former CIBC retail customers to pick up their new debit card and or credit card from Orco Bank.
57. Who should attend the Welcome Package Pickup?
All former retail customers of CIBC who have been invited via email to attend, according to the schedule, based on the first letter of their last name.
58. When and where can I pick up my welcome package?
Welcome packages can be picked up at Orco Bank Branch at Landhuis Cerrito as per the following schedule:
a. Wednesday, May 8, 2024: Last names A-D
b. Friday, May 10, 2024: Last names E-I
c. Monday, May 13, 2024: Last names J-M
d. Tuesday, May 14, 2024: Last names N-R
e. Wednesday, May 15, 2024: Last names S-U
f. Thursday, May 16, 2024: Last names V-Z
59. What do I need to bring for the pickup?
Please bring a valid photo ID (Passport, or Cedula) and sign a receipt form upon pickup. Please note that a driver's license will not be accepted.60. What if I am unable to pick up my package on the designated day?
If you are unable to attend on your designated day, please feel free to come another day that is convenient for you.
61. Are there different schedules for Platinum and Retail customers?
Yes, Platinum, and Corporate (Business) Banking customers can pick up their cards starting Monday, May 13, 2024.
62. Can I link my new bank account to my existing online banking profile?
Yes! Whether you're an individual or a business customer, you can easily link your new bank account to your existing online banking portfolio. This allows you to manage all your accounts conveniently in one place. To set this up, simply complete this form, and a colleague from our Customer Support team will contact you to confirm your request. After you submit the form, you can expect a reply within 1 Business Day.
63. When can I request to link my new account to my existing Orco Bank profile?
Once you have received your new Bank Account, you can request to have this New Account linked to your Existing Account.
64. I am not able to see all my accounts in online banking. What should I do?
If you are unable to see all your accounts, please note that all accounts will become visible after the transition date of May 24th, 2024. From May 25th, 2024, moving forward, you should be able to see all your accounts. Here are a few steps you can try if the issue persists:- Clear your browser cache or try accessing your account from a different browser.
- Ensure that you have completed the account linking process.
- If the issue persists, contact our support team at (599 9) 732 7000 or via email at info@orcobank.com for further assistance.
65. The registration email states that usernames should not be longer than 6 digits, but my CIBC username is longer. What should I do?
While the standard registration email for our online banking system mentions that usernames should not be longer than 6 digits, an exception has been made for new CIBC customers. You can continue using your existing CIBC Username, even if it is longer than 6 digits. If you encounter any issues during registration, please contact our support team for immediate assistance.
Last Updated: May 23, 2024
We strive to provide you with the most accurate and up-to-date information. Our FAQ page was last reviewed and updated on May 23, 2024.
Please check back regularly for any changes or additions.
CONTACT INFORMATION
• How can clients reach out to CIBC FirstCaribbean during the transition?
a. Personal & Business Banking Clients
Curaçao:
Personal & Business Clients Monday to Friday – Rustanne Sephens-Mercelina – Tel: 599 9 433-8314
St. Maarten:
Personal & Credit Card Clients Monday to Friday –Tel: 1 866 743-2557
b. Corporate Clients
Curaçao
Jenny Martha-Clifton, Head Corporate Banking, CIBC FirstCaribbean De Ruyterkade 61, Curaçao. | Tel: 599 9 433-8319 | Cell: 599 9 670-7766 Fax: 599 9 433-8198 | Email: jenny.clifton@cibcfcib.com
St. Maarten
David Solomon, Senior Corporate Manager, CIBC FirstCaribbean, Emmaplein #1, Philipsburg, St. Maarten. | Tel: 1 721 546-4320 | Cell: 1 721 520-1253 Email: david.solomon@cibcfcib.com Merchant Services Tel: 1 800 744-1168
For Merchant Services, you can contact CIBC FirstCaribbean at:
Tel: 1-800-744-1168
How can clients contact Orco Bank for assistance?
To reach Orco Bank for assistance, you can use the following contact information:
Email: customer.support@orcobank.com
Telephone: (+599 9) 732-7070 (dedicated phone)
Where can future clients find general information about Orco Bank? In the meantime, CIBC clients can find general information about Orco Bank on their website here: www.orcobank.com
Are there any other communication channels that future clients can follow?
Clients are encouraged to follow Orco Bank’s Social Media accounts to stay updated with all the latest news and communication:
Facebook: https://www.facebook.com/OrcoBank/
LinkedIn: https://www.linkedin.com/company/orco-bank
For any media inquiries or interview requests, please reach out to email: marketing@orcobank.com
We value transparency and open communication during this exciting phase of growth and expansion for Orco Bank.