Miami International Draft Notice

In a continuing effort to streamline products and services, we will be issuing international USD drafts on our New York issuer only.

Frequently Asked Questions:

1. Why do you not offer a Miami issuer anymore?
   
   We have streamlined our offering.  There is no impact to our customers as, due to cheque clearing procedures in the US, a New York draft clears as quickly as a Miami draft when deposited into a US account.
   
2. Will I incur more costs?
   
   No.  Costs will remain the same.
   
3. Can I cash my Butterfield New York-drawn USD international draft at a bank in Miami?
   
   No.  All Butterfield drafts are designed for deposit only.  You can deposit it into your Miami account and it will clear as quickly as a Miami-drawn draft.
   
4. What will happen to my issued but unpaid Miami-drawn draft?
   
   As is the case now, it will be valid for 180 days from the issue date before it becomes stale dated and non-negotiable.  As long as your payee presents the draft for payment before it goes stale, it will be paid.  If it is presented after it has gone stale, it will be returned unpaid by the issuing bank.  Butterfield can then either repurchase it and issue a new draft (i.e., you will need to bring the physical instrument to us for repurchase), or we can 'stop pay' it (i.e., when you don't have the physical instrument) and request a new draft/payment.