This section gives you quick and easy access to the answers to the questions we're asked most frequently. If you don't find your question here please use the Ask the Banker or the email form on the Contact Us page and we will be happy to answer your question.
What types of transactions can be processed using ECACH EFT?
Only direct debit and direct credit transactions to savings and chequing accounts will be processed using ECACH/EFT. The following transactions can be sent through the ECACH/ECFH system - e.g. pension payments, dividends, utility payments, hire purchase payments etc.
Can I transact in all currencies?
EFT transactions will only be allowed in ECD currency.
Can I make payments to any bank account using EFT?
Payments can be made to any valid chequing or savings account at any of the 16 commercial banks within the 8 territories of the ECCU.
When will EFT transactions be exchanged between participating banks?
EFT transactions will be exchanged across participating banks based on the value date of the transactions. Transactions received will be applied same day to the Receiver’s account by the end of their bank’s business day. EFT processing will not be conducted on Bank Holidays.
What Support is provided by the Bank to help with the transition?
- Accessibility of the forms
- Account Officer will assist in completion of the forms
- User Guide (step-by-step)
- Online support (if required)
Are there any other changes?
Yes. Transfers are only accepted for either credit or debit from Savings or Chequing accounts. Loan & Credit Card payments will not be processed through this system.
Can I send any file type the BOSL ACH system?
No. Only CSV files are accepted.
Will EFT transactions be subject to any compliance or regulatory requirements?
The commercial banks will continue to be governed by Anti-Money Laundering (AML) legislation applicable to their respective jurisdictions. Therefore, all transactions, irrespective of the amount and medium for payment, will be subject to AML scrutiny.
What happens if my payment is not made by the stipulated date?
You have ten (10) clear days from the date of repayment to make your loan payment. If the payment is not received within the ten days, you will be charged a late payment fee of EC$62.
What areas of study does the Bank finance?
Areas on the Priority List. Areas not on the Priority List can be financed at the Bank’s discretion.