Bank increases loan but not deposit rate

| 17/03/2017 | 9 Comments

(CNS Business): Following the 25 basis point increase in the US Federal Funds Rate earlier this week, Butterfield Bank has announced an adjustment in its US and CI dollar prime lending rates for mortgages, consumer loans and commercial loans from 3.75% to 4% beginning today Friday, 17 March. But the bank stated in a short release that it was “not adjusting deposit rates at this time”.

Janet Yellen, chair of the Federal Reserve board of governors, said the American economy was on “a healthy footing” and with unemployment falling in America, rates needed to go up to limit inflation.

 

 

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Category: Banking, Finance

Comments (9)

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  1. Anonymous says:

    Anybody noticed the significant increase in all the fees?

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  2. Anonymous says:

    Bermuda as the head of butterfield will be the demise of butterfield Cayman.

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  3. Anonymous says:

    Butterfield is a Bermuda bank, and they seem to be indifferent to their Cayman customers.

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  4. Anonymous says:

    I moved all my money to Scotia Bank. Best move ever.

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  5. Anonymous says:

    I wouldn't mind if the banks actually did their jobs. Has anyone else noted since Butterfield switched from Visa to Mastercard the holding funds are incorrectly quoted in USD that bears no resemblance to the transaction made. Add to the fact they constantly hold money that is already cleared making reconciling accounts a nightmare. All this from a publicly listed company, it's been over six months since they've been trying to resolve this problem. Get a grip Butterfield, and the rest of the so called Class A banks on this island, all of which are of equally laughable incompetence.

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    • Anonymous says:

      Come back Nick Duggan, it's been downhill since you left.

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  6. Anonymous says:

    This is another area that is sadly in need of Government regulation. Why is this okay Butterfield et al !!!

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  7. Anonymous says:

    As usual the banks could give a crap about the depositors just get more fees for themselves, what a set of greedy hogs!

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  8. Anonymous says:

    Typical profiteering and piracy from Cayman's banks

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