George Town, Grand Cayman—1 April 2020: Butterfield Bank (Cayman) Limited (“Butterfield”) today advised customers that previously announced changes to credit card rates and fees, which were to have taken effect on 31 March 2020, have been suspended until further notice.

Those changes were planned and announced in advance of the Government of the Cayman’s implementation of measures to prevent the spread of COVID-19 in the community, which involved a suspension of tourism, the closure of many businesses and associated layoffs.  As part of the Bank’s efforts to help ease the financial strain that many households are experiencing during this period, the fee changes have been suspended. 

Customers may see notifications on their April credit card statements indicating that rate and fee changes have become effective, but that is not the case.  Butterfield regrets any confusion this may cause.

Earlier this month, Butterfield announced automatic payment deferrals on credit card payments during April and May, meaning customers can elect to not make minimum (or any) payments on their credit card accounts for the next two months, and late payment fees will not be applied.

Should customers have questions or concerns about payment deferrals, they are encouraged to contact the Bank via e-mail at [email protected]

About Butterfield:

Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing services to clients from Bermuda, the Cayman Islands, Guernsey and Jersey, where our principal banking operations are located, and The Bahamas, Switzerland, Singapore and the United Kingdom, where we offer specialized financial services. Banking services comprise deposit, cash management and lending solutions for individual, business and institutional clients. Wealth management services are composed of trust, private banking, asset management and custody. In Bermuda, the Cayman Islands and Guernsey, we offer both banking and wealth management. In The Bahamas, Singapore and Switzerland, we offer select wealth management services. In the UK, we offer residential property lending. In Jersey, we offer select banking and wealth management services. Butterfield is publicly traded on the New York Stock Exchange (symbol: NTB) and the Bermuda Stock Exchange (symbol: NTB.BH). Further details on the Butterfield Group can be obtained from our website at: www.butterfieldgroup.com. Butterfield Bank (Cayman) Limited is licenced to conduct banking business by the Cayman Islands Monetary Authority.