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Chequing Account Rates & Fees

 

 

 Chequing Account Options and Fees

 
Interest-
bearing
ApplicationCurrenciesAverage
Daily
Minimum
Balance
Required
*Monthly
Maintenance
Fee
**Free
Cheque
Allowance
***Process
additional
cheques
(each)
ChequingNoLocal personal and commercial use onlyBMD, USD, CAD, GBP$5,000/£3,500$10.00/£7.005$2.00/£1.60
 

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Definition of Average Daily Balance: A statement cycle consists of 20 business days. At the end of each business day during this cycle, the account balance is calculated. Then, at the end of the statement cycle, these balances are averaged to determine the account’s Average Daily Balance. Seniors: All Butterfield customers age 60+ who register with the Bank are eligible for seniors benefits. Youth: All Butterfield customers below age 18 who register with the Bank are eligible for youth benefits. Charities must be registered with the Bermuda Government. 

*Fee not applicable if Butterfield customer deregisters paper statements through Butterfield Online. Waived for Seniors and Charities.
**Per-item charge of $2.00/£1.60 applies to the processing of each additional cheque above allowance. Average daily balance must be maintained to receive 5 free cheques per month.
***Waived for Seniors and Charities
 
 

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 Chequing Account Options

 
DescriptionFees
Cheque Overdraft (Establishing Facility, preparing and processing documentation)1% of overdraft ($200 minimum)
Interest on overdraft balanceVariable rates available
Unauthorised overdraft (NSF UI item)$50 each
Stop payments$15 (good for six months)
Return cheques$50/cheque
Dormancy Fee (after two years of inactivity - Waived for Seniors, Young Savers, and Charities) $8/£6 per month
Lost Cheque Books - Requiring a new account number$16 each
Non-schedule statement request $7.50 each
Schedule additional statements$5 each
Copy of statement for prior months$7.50 each
Copies of transactions$5 per item (plus $40/hour research fee)
Research fee$40/hour
Audit confirmation$50
Cheque book productionPrice is per book of 25
Personal cheques$10.00 BMD/USD/CAD; £7 GBP
Business Cheques (One cheque/page, 100 pages/ book)$40 BMD/USD/CAD; £30 GBP
Business Cheques (Three cheques/page, 100 pages/book)$120 BMD/USD/CAD; £80 GBP
Deposit Books$5.00 BMD/USD/CAD, £3.50 GBP
Cheque Cashing for non-Butterfield customer
$30 each
Account transfer requested by phone/fax/email/mail
$3
USD cheques drawn on US banks: USD 250,000 and below Cleared funds will be credited in 10 (local and currency calendar) business days
$20 per cheque
USD cheques drawn on US banks: over USD 250,000 in addition to the issuing bank’s own collection charges. Funds are credited when received from the bank on which the cheque is drawn usually within 30 (local and currency calendar) business days
$65 per cheque
GBP and CAD cheques: USD 250,000 equivalent and below Cleared funds will be credited in 10 (local and currency calendar) business days
$20/£20 per cheque
All other foreign cheques in addition to the issuing bank’s own collection charges. Funds are credited when received from the bank on which the cheque is drawn usually within 30 (local and currency calendar) business days
$75 per cheque
Coin counter
10% of total deposit
Monthly Compliance (Retail - Waived for Seniors, Young Savers, and Charities)
$2.00 per account
Monthly Compliance (Corporate - Waived for Seniors and Charities)
$8.00 per account
 

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1 year term 3 year term 5 year term
Interest Rate 0.400% (0.400% p.a.) 1.059% (1.063% p.a.) 1.988% (2.003% p.a.)
 

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Credit Reference Fees

 

 Credit Reference Fees

 
ReferenceFee
Student Reference$20 each
Standard Reference$35 each
(includes Bank to Bank)
Additional Copies$45 each
Rush Fee$45 each
 

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Rates and fees effective 3 January 2017. Fees and rates are subject to change without notice.

 

 

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Open an account today!

 

To open an account or for more information visit your local Banking Centre or contact us
at (441) 295 1111.

 

 

Bank Account Application Form

 

 

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Certain restrictions apply. Fees and rates are subject to change without notice. Cheques drawn on Butterfield chequing accounts are only negotiable in Bermuda. Bank drafts are available for overseas/foreign payments. Funds held in chequing accounts may be accessed at ATMs displaying the MasterCard®/Cirrus® logos using a Butterfield Card debit card.

 

 

 

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