Do you have a question? We have the answers. Look here for responses to frequently asked questions about banking and BOB.
- What is the difference between a savings account and a chequing account?
A savings account allows you to earn modest interest on your deposits while a chequing account does not. On the other hand a chequing account provides the option of writing cheques as payment for goods and services. Savings accounts do not provide this convenience. BOB offers several types of savings accounts to meet your needs as well as personal and corporate chequing accounts.
- What do I need to bring with me to open an account?
When opening a BOB account customers must provide a passport or a voter’s card along with a National Insurance Card. A utility bill with the customer’s current home address is also required in cases where an NIB card is not current.
- How old does a child have to be to have an account?
Accounts may be opened for children from infancy to 17 years by a parent or legal guardian.
- Is Bank of The Bahamas the country's national bank?
Bank of The Bahamas is a Bahamian bank that is owned by The Government of The Bahamas and 4,000 local shareholders. BOB branches are conveniently located throughout the Islands of The Bahamas in New Providence, Grand Bahama, Andros, Exuma, San Salvador, Cat Island and Inagua, however, the Bank is not the country’s national bank.
- If I have a BOB account, can I pay my utility bills online? Other bills? Is there a fee for online banking transactions?
Currently BOB customers can pay BTC, Water & Sewerage and Cable bills online, and soon to come, many other vendors who have a Bahamian dollar checking account. There is a transaction fee of $1 for each transaction.
- If I bank somewhere else, can I get a mortgage with BOB?
Yes, of course you can. Come in and talk to one of our mortgage specialists today.
- How much do I have to put down for a deposit if I want a BOB mortgage on a home? On vacant land?
Our equity requirement is 20% for residential mortgages. We also offer a special term of 5% down when supported with a Mortgage Risk fee. Mortgages on vacant land require 20% down for residential land or 30% down for commercial land.
- What are your hours?
BOB’s business hours are 9:30 a.m. to 3:00 p.m. Mondays through Thursdays. On Fridays we are open from 9:30 a.m. to 4:30 p.m. Currently 2 of our branches, Village Road, and Carmichael Road offer Saturday banking from 9:30 a.m. to 1 p.m. Banking hours differ slightly in Andros. Please view Andros’ branch information for exact hours.
- How do I apply for assistance for a worthy cause?
To apply for assistance for a worthy cause you may obtain a sponsorship request form from this website or any of our branches. Fill out the form and send or address a letter with supporting documents to BOB’s Sponsorship Committee. All requests should be submitted 45 days in advance of your need. For more information on the types of causes BOB supports read our Sponsorship Guidelines on this website.
- Does BOB charge for paper statements?
BOB charges a small fee to print paper statements, however, statements can be obtained online at no extra cost. For current fees please contact your home branch.