Privacy Statement

Bermuda Commercial Bank Limited and its subsidiaries (“BCB”) are committed to preserving the confidentiality of all Personal Information (as defined in the Personal Information Protection Act 2016) you provide to us. In keeping with this and in order to comply with its legal and regulatory obligation, BCB adheres to the following “Privacy Statement”:

BCB will respect the privacy, accuracy and security of all Personal Information belonging to its customers. The following privacy principles apply:

BCB will collect Personal Information from customers only:
- if it is relevant to the provision of banking and/or other related services (“Services”) applied for, currently held, or have held in the past by the customer;
- in accordance with any terms and conditions issued by BCB for the Services being provided; and/or
- if required by law.

BCB will use its customer’s Personal Information only:
- in accordance with any terms and conditions issued by BCB for the Services being provided;
- for the purpose of detecting/monitoring fraud or crime
- any other specific purposes to which the customer has consented; and/or
- if required by law.

BCB will endeavour to ensure that it’s customer’s Personal Information:
- is accurately recorded in our systems as provided by you and kept up to date. If deemed to be inaccurate, rectified as soon as reasonably practicable;
- is only accessible and used in accordance with any terms and conditions issued by BCB; and
- is erased and/or destroyed when no longer reasonably required.

BCB has policies and procedures in place to:
- protect the confidentiality of your Personal Information; and
- prevent access to your Personal Information by third parties, unless otherwise permitted under any terms and conditions issued by BCB or if required by law.

We may be required from time to time to disclose your Personal Information to consultants, subcontractors, regulators, independent legal counsel, agents, other financial institutions and/or service providers (vendors) for the provision of Services being provided. Disclosure will only occur:

with consent of the person to whom such Personal Information relates;
as permitted by the relevant terms and conditions issued by BCB; and/or
as required by law.

BCB will always consider how it uses your information however you may prefer for us to not use your information for certain purposes. You have the right to:

ask us to provide you with copies of your personal information or make corrections;
ask us to limit the use and/or access to your personal information; and/or
in some circumstances ask us to erase or destroy it.

If you are a customer of BCB, details of the information we collect and how we use it will also be set out in the BCB’s terms and conditions of the product or service which you use. In the event of a conflict between this Privacy Statement and BCB terms and conditions (of a particular product or service), the BCB terms and conditions of the product or service will take precedence.

We reserve the right to revise or supplement this Privacy Statement from time to time at our sole discretion and you agree to revisit this page regularly to ensure that you are familiar with the most current version. By continuing to access or use the website you will be agreeing to any such changes.

If you have any questions on how to contact us about the handling of your Personal Information please contact:

Martin Brown Position: Data Privacy Officer
Email: privacy@bcb.bm
Address: 34 Bermudiana Rd, Hamilton HM 11, Bermuda
Organisation: Bermuda Commercial Bank Limited

About Cookies

BCB is committed to protecting you and your Personal Information that we collect, whether directly or online. This section tells you how we use cookies, why, and how this allows us to improve our service. It also tells you how you can manage what cookies are stored on your device (“Cookies Policy”). By using our website, you agree that this Cookies Policy applies to that use in addition to any other terms and conditions which may apply.

Our website, www.bcb.bm, along with most other major websites, may use cookies as a means of collecting non-personal information on general website usage. Cookies are pieces of information that a website transfers to the cookie file on your computer’s hard disk. Cookies are linked to the machine you use to visit our website and not to you as an individual.

Cookies enable users to navigate around the website and enable us to analyse how visitors are using our website and to help guide improvements in navigation; enhance content; and (where appropriate) enable us to tailor the content to fit the needs of visitors who have accessed our website. Cookies are commonly used by websites to remember some aspect of your current or previous visit. This could include things like the choices you’ve made or preferences you have chosen during your visit. Unless you login or provide Personal Information through your use of this website, no Personal Information is collected.

One example may be when you visit a website that you have been to before, that website may use a cookie to check what information you’ve looked at previously to get an idea of the topics that may be of interest to you. The information stored in a cookie can only be read by the website that placed the cookie or other websites with which it has agreed to share information.

Our policy on cookies

Our policy is to use cookies only to improve the way we do business with you or when they are essential to the way the website works.

The types of activities we may use cookies for are to:

store details that help you to manage accounts and policies online, such as user login details;
find out how people use our websites, such as how often they visit, which pages they go to, and which links they click on, so that we can improve our websites; and
help us to provide relevant information, such as details of products, services and other information that may be of interest to you.

We do not use any cookies to store any Personal Information or other data that could be used to identify you as an individual.

How to turn off cookies

You can turn off cookies in your browser settings. If you do turn them off, it is important to remember that you may not be able to use all of the services on our websites.

General Security

Online Banking Security

Credit Card Security

Forms & Applications Our Fees

Bermuda Government Mortgage Guarantee Programme

Phase 2

In collaboration with the Bermuda Government, BCB is pleased to be the Bank of choice for the Bermuda Government Mortgage Guarantee Programme. The first phase of this programme focused on financing for Bermudian first time home owners, allowing Bermudians to reach their goal of owning "a piece of the rock". We are pleased to announce that we have now moved into Phase 2. The second phase of the programme will continue to focus on financing for Bermudian first time home owners, and will allow public officers to transfer their mortgages from their existing bank to BCB. The details provided below are a guide and all loans are subject to BCB Credit Policies, requirements and approval.
Please allow 2 business days for review of your details, following which a representative will be in touch.

Programme Criteria

The Qualified Borrower(s) of record must:

Be an individual persons or persons; and
Have Bermudian status or be a spouse of a Bermudian, if borrowing jointly with their Bermudian spouse;

either

Not own any Bermuda real property; or
Be a Public Officer (subject to probation period being successfully completed), having an existing mortgage (or first legal charge) with another licensed Bank in Bermuda.

The Qualified Borrower(s) must have:

Have at least 10% of purchase price of the property or at least 10% of the cost of the renovations (if only renovations) in cash in a Bermuda bank account.
Have a property valuation within 3 months prior to purchase.
Have a property estimate or quote setting out the proposed renovations, cost and an appraisal outlining the completion value within programme limits, should renovations be required.
Written confirmation from Tax Commissioner that no government fees are outstanding (speak with Relationship Manager).
Loan to Value ratio and debt service ratio within programme limits.
Loan secured by way of a first legal mortgage of the property being purchases or transferred (for the full amount of the loan).

Additional Requirements

A loan to a Qualified Borrower of the programme must be:

For BMD $900,000 or less excluding Fees
Renovations up to BMD $50,000 may be included with the purchase. If included they must not exceed $900,000 for the total loan.

Interest Rates, Terms & Fees

Qualified Borrowers under the programme will:

Have a discounted interest rate while the borrower is a participant under the programme:
- Discounted interest rate of BCB Base Rate plus 2%.
- Loan interest rate to revert to standard interest rate when borrower no longer falls under the programme.
Will have a maximum term for a loan under this programme of 360 months (or 30 years)
The Guarantee under this program will remain for a maximum of 10 years or less depending on alternate terms.
Fees:
- Discounted Arrangement Fee of 0.75% of the total value of the loan amount. Normal legal fees and stamp duty apply (even if this increases the total loan amount over the BMD$900,00 so long as the base loan amount does not exceed BMD$900,000).

To confirm your eligibility to the program or to explore other financing options the following details are required:

A completed online Loan Request Form or BCB Personal Financial Statement
Verification of employment and salary
Three months of bank and credit card (if applicable) statements