KINGSTON, Jamaica—CIBC Caribbean Bank will stop issuing and accepting cheques valued at $1 million or more in Jamaica from September 1 as the banking sector begins the phased elimination of cheques.

The restriction will include manager’s cheques, the bank told customers in a notice.

CIBC is encouraging customers making transactions at or above the threshold to use the Real Time Gross Settlement system through its online banking platform or mobile application.

The bank said the move forms part of a joint industry initiative with the Jamaica Bankers Association to reduce cheque usage and accelerate the transition to electronic payments.

CIBC joins Scotiabank Jamaica and First Global Bank, which previously advised customers that they would implement the same restriction from September 1.

Under the industry timetable, the cheque threshold will fall to $500,000 in March 2027 and $100,000 in September 2027 before cheques are discontinued entirely on March 1, 2028.