Deposit & Cash Management
We want to help you manage your cash and financial business. Effective management of your money will help your business to grow. We provide a range of electronic services to improve and assist your administrative control.
Please contact a Customer Service Representative at Telephone (246) 431-4500.
Services
Payroll System
The Payroll System is an electronic payroll package which, when out sourced to the Bank, reduces your risk of transporting cash for your payroll lodgments. It will also reduce your time on preparing and administering your payroll distribution system.
Night Depository System
Safe, Secure and Convenient – A safe, secure and convenient way to make deposits after banking hours. Ideal for business owners who want to maintain only a small amount of cash on their premises. We know how challenging it can be for business owners to get to the bank during banking hours to make a deposit to their business account. Our Night Deposit service allows you to make deposits even if the branch is closed.
Our Night Deposit service is a secure, convenient and easily accessible way to make deposits and payments to your account after normal banking hours. Simply drop your deposits or payments into the night depository, and we will post them to your account.
Deposit bags for business accounts are available at a nominal fee from all our branches. Please contact your nearest branch to apply for our Night Deposit Service
Real Time Gross Settlement (RTGS)
RTGS is a domestic / local wire transfer system. RTGS is mainly for the processing of large value and time-sensitive payment. Real Time Gross Settlement Transfer is a product offered by The Central Bank of Barbados through the commercial banks.
Cash Management Fee Structure
What is the new cash management fee structure?
A new cash management fee structure has been implemented to address the increasing cost of processing physical cash.
When do these fees go in to effect?
Effective November 01st, 2024 the daily cash deposit service fees will be applied
What are the new fees?
Night Depository Services Daily Deposit Fees
Up to BB$10,000.00 or foreign cash equivalent – Free
Over BB$10,000.00 or foreign cash equivalent – $7.50 for every $2,000.00 of cash deposited above BB$10,000.00
What is a night depository service?
Our Night Deposit service is a secure, convenient and easily accessible way to make deposits and payments to your account after normal banking hours. Simply drop your deposits or payments into the night depository, and we will post them to your account.
Who can use the night depository service?
This service is available to businesses, organizations, and individuals who need to deposit funds outside of regular banking hours.
How secure is the night depository?
Night depositories are secure drop boxes with surveillance cameras, and controlled key access
How do I make a deposit?
To make a deposit, place your cash and or cheques along with the applicable deposit slip or book in the provided tamper proof deposit bag, write your name (business name) and account number on the provided space at the front of the bag, seal it, and drop it into the night depository facility at any of our branches.
Are there limits on deposits?
There are no limits on the amount of your deposits
What are the hours of operation?
Night depositories can be accessed 24/7, 365 days a year
Is there a fee for using the night depository service?
Yes, there are fees associated with use of the night depository service. Please contact your branch for the schedule of associated fees.
When will my deposit be processed?
Deposits made via night depository are usually processed the next business day
How can I confirm that my deposit was received?
You can verify your deposit through your bank statement or online banking, or by contacting your bank directly.
Can I deposit items other than cash and cheques?
No. Night deposit bags are limited to cash and cheques and the deposit slip or book representing the deposit contained therein.
How do I sign up for this service?
You can contact any of our branches to sign up for the service.
Can I accept non-cash payments?
You can accept non cash transactions via Point of Sale Terminals and Cash Management Fees click here for more information.
