BVI News

$84K worth of dormant accounts at Nat’l Bank could now go to gov’t

Highlighting 50 dormant accounts with a combined value nearing $84,000, the state-owned National Bank of the Virgin Islands is warning that if no activity is made within these accounts by November 7, the monies will be transferred to the government.

The bank issued the warning in a notice published in government’s official newsletter, The Gazette, last month.

Under the Dormant Accounts Act of 2011, dormant accounts are defined as any account that has been inactive for seven years or more. And once unclaimed within 90 days of the bank giving notice, the monies are transferred to an account under government’s control.

Pursuant to this law, NBVI stated in its latest notice: “If a transaction or activity is not effected in respect of a dormant account by the account holder not later than three months from the date of the notice, the monies in the account shall be transferred to the Dormant Account Fund … without further notice to the account holder.”

It further said: “An interested person should contact the National Bank to prove ownership of the account, and an account holder is entitled, subject to the Act, to claim repayment of the monies in the dormant account from the National Bank, subject to any lawful charges agreed to by the dormant account holder and the National Bank.”

When tallied by BVI News, the 50 accounts contained a combined amount of $83,760.49. The two largest accounts contained $18,507.43 and $12,416.2 respectively.

The account with the least amount of money contained $103.48.

Copyright 2020 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.

34 Comments

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  1. Hmmm says:

    They did the same thing to many people with accounts at Banco Popular years ago….And they have the nerve to post the people names SMH

    Like 7
    Dislike 12
  2. Lol says:

    Really,,,,, it will be easier for people to keep there money at home because in the bvi everything offends this government.

    Like 12
    Dislike 12
  3. Well wow says:

    And some of us out here struggling. Ppl go claim your monies plz… Last ppl need to get a hold of free money is government..

    Like 25
    Dislike 1
  4. Hmm... says:

    Couldn’t this info be posted without their addresses or account balances attached?

    Like 23
    Dislike 5
    • Reply says:

      Good question. In this day and age where criminals are going into people’s homes, tying them up, and robbing them blind, I think it was not the wisest decision to publish people’s addresses.

      While I think this news site intent is to be helpful and not cause harm, they may have inadvertently potentially done so with the addresses publication. Looks like they got a list, and just published it without redaction or consideration of the consequences if addresses were published.

      They censor quite a bit on this site for a while now. This is one case that warranted such censorship prior to publication of that data.

      Nevertheless, I am grateful they did bring this matter to the public’s attention as one of my immediate relative can now go thru the process to claim their money.

      Now, I hope bvinews publishes this post. Constructive criticism is good, and can only make you better if taken the right way.

      Like 11
      Dislike 4
    • Exactly says:

      100 percent agreed

      Like 3
      Dislike 2
  5. Judge says:

    This bank just a big a waste. Close the bank instead so social security can breathe!

    Like 12
    Dislike 4
  6. Brokes says:

    Time Longa’ Dan Twine.

    Like 1
    Dislike 1
  7. Reply says:

    I am left to wonder what efforts the bank made to contact customers prior to this date?

    Also, why does this Dormant Accounts Act automatically transfer private funds to the government coffers after 7 years of dormancy to begin?

    Cant that money go to proven immediate family members first if not claimed by the rightful owner?

    Now, as I look down that list, I was surprised to see an immediate relative of mines name. Got them on the phone, and referred this article.

    Now they are contacting the bank to reclaim their money.

    I hope everyone get their money. Some people may have died or moved away. In these hard times, everyone who becomes aware of this should claim their money.

    Like 19
    Dislike 1
    • smh says:

      learn the law, you wont ask or say stupidness

      Like 11
      Dislike 7
      • Reply says:

        Learn how to write a proper sentence before you come for me. You write as if you never sat foot in a classroom.

        I normally don’t respond to trolls, but I’m not into turning the other cheek today. Blank off.

        Like 6
        Dislike 4
    • *Hmm says:

      @reply that’s not how it works, you can’t just go to the bank as a “proven” family member & collect anything. If your name isn’t on the acct then only the account holder has access to their monies. In the event they die then for eg their children will have to go through the courts to be granted access. For this reason is why I intend to change all of my accts to include both my children. It wouldn’t be right that I worked all these yrs & saved up that money then die & neither have access to it.

  8. Really says:

    I left this bank because of the time consuming line and join scotia/republic bank

    Now I see they wanna take my money. Open a ATM in this modern world please

    Like 11
  9. vip heckler says:

    Its so desperate the fahie administration is now that they want to scrape up the little that the poor have sitting in the government bank?

    Like 7
    Dislike 9
  10. LOL says:

    WELL SAH THE VIP GOING INTO THE PEOPLE THEM BANK A CCOUNTS AND ROBBING THEM

    Like 5
    Dislike 7
  11. To ALL says:

    To ALL who reads this article if you know anyone of the persons listed please show them this article whether they are related to you or not. Please show it to persons whom you think are related to them since some if these account holders may be dead and their funds need to go into their estate for distribution to their beneficiaries. These are hard times we living in and we cannot afford for the monies to get into the Government hands to waste, pocket or give their friends.

    It is a crying shame that it is posted in the Government Gazette only. The Act should be updated to reflect publication in not only the Gazette but also in ALL newspapers – including online for a period of not less than 3 consecutive weeks. Damn it man!!!

  12. Anonymous says:

    This isn’t unusual or the first time. I’ve seen similar notices from other banks before. Usually it’s posted on BVInews but not part of an actual article.

    Like 4
    Dislike 1
  13. Nice . says:

    This is good by the National bank…Some banks wont say a word, the just take your money… Happy to hear that, im going to check because Im broke, hope my name on the list..

    Like 2
    Dislike 1
  14. Wishful thinking says:

    Don’t give the government all. Put 1000 on my account

  15. Just saying says:

    While I can understand publishing the names, I find it totally inappropriate for the bank to publish the balances on the accounts as this information should be confidential.

    Like 8
    Dislike 2
  16. Sensitive says:

    These are dormant accounts that have no activity over a long period of time and the Law requires that the names, balances and addresses be published so that the account holder will have an opportunity to claim their money before it is turned over to the government. All the banks have to follow this rule and that is how it is in many, many countries around the world. So stop blaming the bank for following the law.

    Like 5
    Dislike 2
  17. Absolutely Nonesense! says:

    Absolute societal greed and heartlessness.

    1) Change the laws to stipulate that no business, financial establishment or government shall inherit no civilian personal account due to prolonged inactivity of an account.

    To do so is robbery. Yet is legal in the capitalist world. Therefore, it should be made illegal.

    2) Seek and find a next of kin, immediate family members down to second or third cousins can be identified and or locate.

    3) Arrangements must be made for delivery of said funds for family member of number (2).

    4) If and when number (2) is completely exhausted, then funds may be transfered to government account for specific community use.

    Personal money is personal money. It should be treated that way. There is always someone who is in need. Why should someone else’s money go to someone else who is not in need need nor related to that money?

    Do the right thing and change the laws in favor of the poor for a change.

  18. Right Sed Fred says:

    Someone call Catherine Forbes in VG

  19. Mr Shovels says:

    When you earn your money, the gov’t will take some.
    When you spend your money, the gov;t will take some.
    When you do nothing with your money, the gov’t will take ALL

  20. Local BVISLANDER says:

    My deadbeat father never give me and my sister bread, yet he have money in the bank, always telling his alcoholic friends “that’s my daughter, they my children “, we bother took loans to get our Masters, now that he old he want to come sponge off us, animals give suckle to their young, with that said, he won’t be getting a sip of water nor a pint of blood from either of us.ain’t KARMA a bit@h? The nerve of these infidels on this island.

  21. Political Intelligence says:

    Why the monies can’t be transfered to the next of kin? That’s the right thing to do. When opening a bank account, the banks should ask for next of kin to be recorded. This info updated accordingly and use when needed.

  22. *Hmm says:

    Reading through several of these comments it’s clear many ppl have no clue how the law is set. I suggest you familiarize yourselves especially if you have an account & have yourself down as the only holder. When you die your family will be the ones left to battle the courts to get ahold of what you left.

  23. Wow says:

    This is a serious breach of client confidentiality. Posting people’s names and balances. Consumer protection act? Data protection act?

  24. Surprised says:

    I see a lot of prominent people on the list but thought these people have money but not even have a thousand dollars to their name well ash.

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