The principal accounting policies adopted in the preparation of the consolidated financial statements of Caribbean Mercantile Bank N.V. and its subsidiary are set out below.
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Moratorium FAQ
CMB Loan & Mortgage Moratorium Questions and Answers
Will CMB implement the moratorium for the months of September, October and November 2020 automatically?
No, CMB will NOT automatically implement the 3-month moratorium extension. All clients who wish to request the moratorium extension MUST Opt-IN by filling out the form on our website before September 11, 2020. The request will be evaluated as per the stipulated lending guidelines of the Bank and the clients will be duly informed of the decision.
The Bank will, as per its regular application process and responsible lending process, review clients’ financial situation at the moment of the request with an increased focus on clients that have been directly affected by the Covid-19 situation and are in urgent need of financial relief, such as loss of employment, substantial cut in salaries and/or any other financial issues arising from this difficult situation. When the application has been reviewed and assessed, the clients will be contacted to inform if their request was approved. If the request is denied, clients will be invited for an appointment into the Bank to discuss further possibilities on how the Bank can assist.
Note: The moratorium for the months of June, July and August 2020 was applied automatically for Personal as well as Commercial clients. Clients who did not accept the moratorium, opted-out and continued their loan payments.
CMB informed that my account would not be debited. However, my account was debited in March and/or early April 2020 and reimbursed a few days later. Why?
All customers were debited for the loan payment due in March and early April 2020. This is to allow for the necessary amendments to be made in our banking system. We apologize for this inconvenience and have processed all the reimbursements.
Will my account be debited and reimbursed during the months of September, October and November 2020?
Yes, your account will be debited for the loan payments due.
I accepted the moratorium, but the monthly payment was deducted from my account and not reimbursed for the month of March 2020, who should I contact?
Please contact our Contact Center at 522-3000 or via email address bobancoamigo@cmbnv.com. If you are contacting us via email please note your full name, ID, address and if possible Loan number.
I opted-out (declined) for the moratorium, but the monthly payment was deducted from my account and reimbursed again, who should I contact?
Please contact our contact center at 522-3000 or via email address bobancoamigo@cmbnv.com. If you are contacting us via email please note your full name, ID, Address and if possible Loan number.
I have declined the moratorium prior to the deadline, however my financial situation has changed and I would now like to apply for the program. Is this possible?
Yes this is possible. Please fill the Opt-in form on our website www.cmbnv.com before September 11, 2020.
I accepted the moratorium but no longer wish to have it and would like to now decline the program. Is this possible?
Yes it’s possible. Please note that the Moratorium for period of September, October and November 2020 will not be automatically applied.
Please visit our eAmigo website (https://www.eamigo.com/video-tutorials/) for Online Banking tutorial videos.
Instructions for CMB Online Banking and CMB Mobile Banking loan/mortgage payments:
CMB Mobile Banking App
- Login, then select the Transfers menu;
- Select Bill Payments from the available payment types.
- On the Bill Payments screen, select the From Account.
- In the Biller field select CMB RETAIL LOANS - MORTGAGES 2971800, or CMB RETAIL LOANS - PERSONAL 2971400.
- Enter the amount and desired payment date (leave at today’s date for immediate payment).
- Enter the Loan/Mortgage account number in the Customer # at Beneficiary field.
- Optionally enter a description in the Payment Reference field.
- Submit and Confirm the payment.
CMB Personal Banking
- Login, then select Payment/Transfers > Payments& Transfers
- Select Bill Payments from the available payment types (bottom option).
- On the Bill Payments screen, select the From Account.
- In the Biller field select CMB RETAIL LOANS - MORTGAGES 2971800, or CMB RETAIL LOANS - PERSONAL 2971400.
- Next enter the amount and desired payment date (leave at today’s date for immediate payment).
- Enter the Loan/Mortgage account number in the Customer # at Beneficiary field.
- Optionally enter a description in the Payment Reference field.
- Submit and Confirm the payment.
I just received a new loan and would like to apply for the moratorium can I do this?
Yes but the deadline for customers to Opt-in for the moratorium is September 11, 2020. You will need to contact our contact center on 522-3000 , or send an email to bobancoamigo@cmbnv.com.
Will I need to repay the total amount including interest of the 3 months March, April and May, June, July and August?
Yes, these monthly payments have been deferred but you will still need to pay the full 6 month payments in 6 installments which go into effect at the maturity date of your loan. This means that you will continue to pay the same loan installments for 6 additional months after the loan maturity date has been reached to pay back the months March, April and May, June, July and August 2020. CMB will not charge any interest nor any additional fees on this amount.
I understood CMB gave me a new loan to cover the monthly payment of March, April, May, June, July and August 2020? How does this work?
An account was opened in the borrowers name in order to cover the deferred monthly payments of March, April, May, June, July and August 2020. The amount on this new account will need to be repaid at the end of the maturity date of the original loan and will be repaid in 6 monthly installments equal to the original loan monthly payment.
e.g. Customer is paying Afl. 1.500,- a month, his payments of March, April, May, June, July and August 2020 have been deferred. A new account is opened for Afl. 9.000,- which is equal to 6 monthly payments. If the customer was supposed to finish paying his loan by December 2021 now he will have 6 additional payments for January 2022, February 2022, March 2022, April 2022, May 2022 and June 2022, each in the amount of Afl. 1.500,- to clear the deferred amount of Afl. 9.000,-
Do I pay interest on the monthly payments which have been deferred?
No CMB will not be charging any interest on the deferred loan payments of clients who accepted the moratorium.
I logged in to CMB Online Banking and see a new account what is this?
If you decided to use the moratorium offered to you and did not decline you will notice a new account number on your Online Banking Accounts List referring to the 0% COVID-19 Moratorium. This is the loan extension for which you are not charged any interest nor any additional charges. The amount indicated is the deferred accumulated amount for the months of March, April, May, June, July and August 2020 which is due by you after the end date of your specific loan, spread over 6 equal monthly installments.
If I am able to save these 6 monthly payments and deposit the amount back on the principal amount of my loan in September 2020, will my monthly repayments be recalculated?
This payment will be seen as an extra payment on the principal of the loan and in order to recalculate the monthly payment you will need to contact or make an appointment with one of our Sales Officers to request this as these calculations are done manually. However please note that this deposit will not cover the 3 monthly payments which were deferred and you will still need to repay this at the end of the loan.
If you wish to pay back the 6 month payments then you need to specify the new account number when making the additional payment.
Will my repayment amount change starting September 2020?
Your monthly repayment will remain the same until the end of the term. Once your loan matures you will need to repay the 3 monthly payments which were deferred with 3 monthly installments equal to those of the loan.
What will be the new end date of my loan?
Your loan repayment schedule will resume in September 2020 and your loan period will be extended maintaining your monthly repayment amount for a period of 6 months. Please note that this implies that the maturity date of your loan remains the same but that you will be required to repay the 6 months March, April, May, June, July and August in the 6 months after. This means your repayment of the monthly installments has been extended with 6 months due to the moratorium.
Please note that this implies that the maturity date of your original loan remains the same, and that you will be required to repay the 6 extra months to cover March, April, May, June, July and August 2020 delayed payments.
Will my repayment amount change after the original maturity date of the loan and be deducted automatically from my account?
No your repayment amount will remain the same. Yes, the monthly payment will be automatically deducted for 6 consecutive months.
Will CMB extend the Moratorium?
We are closely monitoring the current situation of the Corona virus and are in close communication with the Government. Any changes to the current moratorium offer will be officially communicated.
If I require an extension on the Moratorium, who do I contact?
Please Live chat with our eAmigo Online Assistant via www.eAmigo.com; send us a direct message via Facebook; send us an email at bobancoamigo@cmbnv.com, or feel free to contact our contact center at 522-3000 for any additional questions regarding the Moratorium.
Commercial and Corporate clients please contact your Account Manager who will be ready to assist you with your questions and requests.