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General Consumer Knowledge

Education & Protection

The information in this section aims to provide useful tips about the importance of consumer education and protection as well as understanding your options and knowing the right questions to ask companies such as banks, insurance agencies, insurance brokers, and advisors when using financial services.

Deposit-Taking Institution Fees

Deposit-Taking Institution Fees

To help consumers make informed decisions during their transaction activities, the Cayman Islands Monetary Authority (CIMA) publishes a summary list of fees charged by domestic deposit-taking institutions. The list is updated quarterly and includes fees such as cheque cashing, cheque deposits, cash withdrawals and deposits for account and non-account holders but does not include all fees charged by the listed institutions. 

Although these deposit-taking institutions are currently registered and regulated by CIMA, we do not have the authority to control fees as such charges are commercially driven.

Financial Transactions

Financial Transactions

Credit Cards

  • Understand the terms and conditions of the credit card established by the institution.
  • Study the credit card fee schedule and payment cycle in order to avoid late charges and penalties. A poor repayment history will have a negative impact on your credit record and it will be difficult to secure a loan in the future.
  • Do not spend beyond your means.


  • Examine the ATM machine to ensure no suspicious devices are installed.
  • Criminals may use a skimmer device to steal the information on the magnetic strip on the back of the ATM card. This device is usually attached in the same position where the card is inserted.
  • Another scenario illustrates criminals placing a small pinhole camera directly above the keypad which records the user’s PIN number.
  • A fake keypad can be placed on top of the origi...
Fraud and Scams

Fraud and Scams

  • Be aware of individuals who intentionally misrepresent well-known businesses or government agencies in an attempt to obtain and solicit money and/or personal information.
  • Be extremely mindful of imposters who send you information saying that you’ve won the lotto or the sweepstakes. One of the ways in which people are scammed is by the imposters telling victims that in order to get their winnings; they must first pay a release fee.
  • Another way in which people are swindled is by fake charities asking for donations. Before donating to any charity, contact the relevant national charities association to ensure that the particular charity is a registered organisation.
Financial Planning

Financial Planning

Teenage Years

  • Consider a savings account in a bank or a share account in a credit union. Saving money can help you achieve a number of goals as you move into adulthood.        
  • Having a job will enable you to save your own money. Regardless of the type of job, putting aside a small percentage of your income each month is beneficial.
  • Identify your wants versus needs.
  • Develop a positive relationship with your financial institution.

Middle Age Adults

  • Set a monthly budget and stick to it. Developing a budget may be the mechanism that keeps you out of financial trouble.
  • Have at least 6 months of your monthly income set aside for an emergency fund.
  • If you find yourself in financial difficulty with regards to loans and mortgage payments, contact your financial institution immediately.
  • Save as much money as you can to p...
Understanding Foreclosures

Understanding Foreclosures

Losing your home is the last thing any homeowner wants to think about. However, by understanding the foreclosure process and what often leads to it, you can better position yourself to deal with potential problems that could impact your ability to service your mortgage and place your most valued asset at risk.

Foreclosure is a legal process that creditors use to satisfy your financial obligations to them. Not paying a debt, like a mortgage or second mortgage, can trigger a foreclosure. CIMA advises all individuals with a residential mortgage to take heed of the following:

  1. Recognise early signs of financial trouble – Serious illness, losing your job, going through a divorce are all unexpected traumatic events that could impact your ability to make your mortgage payment. It is important to act immediately and proactively seek a solution.
  2. Get in touch with your bank without delay – Banks don’t want you...
Insurance Preparedness for Hurricane Season

Insurance Preparedness for Hurricane Season

Every year, we witness the impact and destruction of natural disasters around the world, such as hurricanes, earthquakes, tsunamis and storm surges. Here in the Cayman Islands, we have experienced our own share of natural disasters. While these events are difficult to predict, it is not difficult to prepare and offset financial losses before they occur.

With hurricane season approaching, property and motor vehicles owners should be mindful of the following:

  1. Find ways to reduce any potential loss. Determine what you can do to protect yourself and minimise loss in the likelihood of damage. Maintain your property as best as possible as insurance companies exclude damage claims which may relate to maintenance issues that should have corrected before the incident happened.
  2. Review the sum insured and verify that your property, including your contents, and motor vehicle are adequately protected. This is to avoid underi...
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