Banks need to do better!
Premier Andrew Fahie has lashed the territory’s banking sector, saying some need to do a better job at creating “stimulus” programmes to assist residents during these hard times.
Speaking in the House of Assembly on September 22, the Premier said the BVI public needs to demand better banking rates and initiatives that will help them to survive the current economic downturn.
“Banks make their businesses through [us] … And if we band together and tell the banks we need better rates, we need better initiatives, they must help us,” the Premier said.
He said he’s finding it very difficult to convince some locally-based banks to adjust their services to allow more people to do business and improve their lives.
“Whenever you challenge a bank, the first thing they tell you is that ‘a lot of people ain’t paying so we can’t do it’. And I ask ‘how they going to pay? Irma and Maria came, people ain’t catch themselves yet and here comes COVID-19’. So you have to come up with systems in the banks to adjust, ” the Premier said.
He continued: “Why you think some of these stimulus late? Some of them late because some of these very people in there (banks) — that you need to help — giving you 50, 60 reasons … Dem evil ting right there in dem office ain’t want to move to help the people! Not all of them, but they know themselves,” the Premier said.
Two letters
Fahie told the House of Assembly that since COVID-19 started affecting the BVI, he has written to the banks twice to ask if they can’t adjust some systems to ease the financial burden on residents.
“Some of them have responded well. But some of them, their moratoriums are short and their systems don’t go past six months. But they have to go past six months now because it’s the need of the people. The government shouldn’t have to push the banks to come up with better rates to help the people,” Fahie argued.
The Premier, who was contributing to the debate on a motion to waive the government’s stamp duty on land sale, said the waiver is an example of adjusting to ‘meet the needs of the people’.
“Government needs revenue, but if the government needs revenue and the people can’t get help, what’s the sense you have it for?” Premier Fahie questioned.
Similarly, he urged banks to do their part to assist residents.
Copyright 2024 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.
They really do. These banks are terrible.
Just keep pushing. The banks will leave just like the marine sector is leaving. Keep putting pressure on businesses here Mr Premier and see where they go. Dont you understand the role of government is to create a favorable environment that entourages private investment? No business wants to be held hostage by your bully tactics. You will get it one day, I hope its before we all starve though.
Banks will leave?? Really? Name one who will even consider it.
This type of mindset is what we don’t want. Some of the banks here have ridiculous fees even before COVID. For example, Republic charging late fees of $40, in September when the lines were so long with the 12pm curfew. In Jamaica, government cracked down on the banks and the banks changed now contributing to one is the best stock markets reveling the US.
Banks that are not governed with come into a country make their money and leave the people in shale shambles. No Bank should make more money on fees than they do on services.
How did govt ‘crack down’ on banks in Jamaica??????
1st class financial services industry.
1st class sailing
1st class resorts
1st class pier park
3rd world country banking product.
Welcome in the BVI
You so right. Banks here are so far behind in technology and service It’s ridiculous.
Don’t forget 4th class internet service…
3rd world country banking product.
Failing financial services industry.
Failing sailing.
Peter Island, Bitter End, Prospect Reef resorts
Pier park with no parkers.
No Internet.
Goodbye VI
He is beginning to sound just like donald trump
First he doesn’t sound like Trump. Trump forgot more than this man knows. Trump made the strongest economy in the world after Obama destroyed the US economy. With vaccines available to the US by years end, Trump will once again build the greatest economy in the world. Your Premier doesn’t have a clue. He speaks of banks helping people but he the government, has done absolutely nothing for the people. Trump HAS provided stimulus money to ALL US citizens. Please list what your great leader has done except shut and destroy businesses and lives. Have a great day and remember Trump will be POTUS for four more years.
Fact Check:
“Trump made the strongest economy in the world after Obama destroyed the US economy.”
LIES. Trump inherited a strong economy that President Obama built after the great recession under former President Bush.
“With vaccines available to the US by years end, Trump will once again build the greatest economy in the world.”
DELUSIONS & IGNORANCE MULTIPLIED BY 10.
The normal process for vaccine development takes up to 24 months or longer. No safe RNA vaccine has been developed in the U.S. or the world under a year except for perhaps the vaccine for ebola. Anyone taking a vaccine pushed thru by the Trump administration before that usual time frame and timed for the upcoming election is stupid and placing their health at risk.
I would not even suggest you as a rabid Trump supporter to take any vaccine before the usual time line despite we are polar opposites politically.
“Your Premier doesn’t have a clue. He speaks of banks helping people but he the government, has done absolutely nothing for the people.”
I have been a vocal critic of the current Premier when he was in the Opposition. Despite my disagreements, I do not see him as not having a clue as you put it and not having done absolutely nothing as per you for the people. LIES again.
“Trump HAS provided stimulus money to ALL US citizens.”
LIES AGAIN. The stimulus package to many U.S. citizens was engineered by House Democrats. The Republicans fought it tooth and nail until they were hit by the political reality that should they not sign off on some package, they would be in a very vulnerable position come November. Trump being very vulnerable himself had no choice than to sign what both branches of congress had agreed to make it look like he did something. He likes taking credit for other peoples work, and refusing responsibly for anything that goes wrong.
To this day, while a large number of people have received some form of stimulus money, there are many who have not and still hoping to get something.
“Please list what your great leader has done except shut and destroy businesses and lives.”
No, you tell us what your great leader Trump has done other than destroyed the good U.S. economy he inherited from Obama due to his neglect and lack of a timely response to the pandemic…a pandemic that has claimed the lives of over 200,000 Americans from Covid, with over a 1000 people dying each day. A pandemic that has resulted in covid infections in over 6.5 million people and counting.
Your master said the covid was a hoax at one point. Said covid will disappear, encouraged people to not wear a mask thru his actions, encouraged people to take unproven drugs for covid, and encouraged people to drink disinfectants to cure covid. Some people were stupid enough to drink chlorox resulting in their deaths.
Lastly, all his exhausting lies. The Premier is not match for Trump when it comes to LIES which Trump says every time he opens his clownish mouth.
“Have a great day and remember Trump will be POTUS for four more years.”
Have a great day also, and remember Trump will NOT be POTUS for four more years after Nov 3rd. He is more likely to be tied up in civil and criminal court in N.Y post election, and possibly heading to Rikers Island in the next few years, if he does not stroke out first from all the legal stress coming his way.
I understand why you support Trump. You lie as much he does. You have no credibility.
Don’t you see that is what many whites always do. Take credit for work they did not do …
Hey! That’s not fair. I’m not white and I always take credit for work I haven’t done. It’s my best work. Why should white people always get the credit for always taking the credit? Life is SO unfair.
You’re truly delusional. Your fact checking must come from Don Lemon. Obama destroyed the U S economy, created the highest numbers on welfare, lowered the living standards of Blacks, depleted the US reserves of the necessary protective equipment and respirators. Trump closed US borders while the only thing Blacks and Democrats were doing were playing impeachment. By all standards of the medical community, the guesstimate of 1.8-2 million deaths were lowered to 200,000 which in itself is astonishing by Trumps actions. Last you moron with regard to the vaccine, the FDA changed guidelines to allow test results to be gained as testing was being done rather than waiting till the end of each phase of clinical trials to be completed before moving on to the next phase. This is what is shortening the time frame. Thus, remain under your rock and please don’t get vaccinated. Let’s save it for someone worth saving.
Your head is so far up in Trumps rear end that you cannot see straight. You live in a world of fiction just like him.
Do you realize your dear leader is a classic textbook case of narcissistic personality disorder. Clearly you don’t. Let google be your friend, and stop letting Trump lead you along with his path of lies.
Please do the world a favor and cover your mouth and nose. Wear a mask for God sake, and stop spreading this deadly virus with your ignorance.
It’s troubling that you want to spread your Trump propaganda all the way to the BVI. I cannot wait until he is out of office, and people like you can hopefully crawl back under your rocks. Sick of you guys.
If I was a bad person, I would encourage you to not wear a mask, so that you can see that your ignorance and hate has consequences.
Bye. Enough of you. I have wasted enough of my time. Furthermore, we are way off topic on this bs.
The Great Recession was happened under G.W. Bush. Obama, by 2016, had restored the U.S.economy when Trump assumed power.
Even my cat knows that.
stop lieing, trump 2020
That’s why you can’t spell…your’e as DUMB as Trump
Great Thesis.
Trump can’t even speak English properly. Trump lies to the public then says he did it for a good reason. People like to talk foolishness but you are not sitting in the Premiere’s seat. You can’t even see the full page yet you want to speak. The US make more money than BVI. You speak about the US stimulus checks but did you know they full story. Stimulus checks are not continuing for all in the US. You can get your facts. Trump has not built nothing but ignorance.
“Dem evil ting right there in dem office ain’t want to …”
Well Mr. Premier, one thing that also needs to be done has to do with those interest rates that they charging, raping this country with the high interest rates! Where is the FSC in all of this? We talking about price control, rent control but what about interest rate control? The world interest rates down and the ones these BVI banks charge never budge. You want to talk? Let’s talk that first. Because with those rates, a man will drop dead still paying these banks! Let’s get this fixed. Let the people mass together on the likes of these service providers. There are more in numbers and if the Government is with the people we will make accomplishments.
FSC regulates interest rates?
Regulate the LOCAL interest rates based on what is happening in the global market
Don’t you think 6% on top of the NY prime rate too high? Especially since there have been no adjustments by these local banks to the NY prime rate they were using before COVID19!
Today’s US mortgage rates range from 2.5% (10 year fixed term) to 2.990% (30 year fixed term) – a fall since COVID19 that resulted in a number of US mortgage refinance.
The BVI residing banks will take advantage of the ignorance of locals.
I am sure the banking regulators could help to narrow the spread between onshore rates of 3.75% and offshore rates as high as 6.25%
the BVI banking customer base is small and
Therefore the rates cannot be adjusted downwards. Very simple maths.
Memo to all:
Banks are NOT in the business of helping anyone other than themselves.
IMO, they are legalized thieves. They take customers money placed in their banks, loan it to borrowers at high interest rates, and give their customers nothing or little on their money in return.
Meanwhile, they make millions in fees.
I am of the opinion that people should be smart with their money when it comes to baking. Only use banks in a limited way as needed.
Do not leave large amounts of money in any bank account. They sit in front of their computer and think of ways to charge you some fee just for having it there.
You are better off digging a hole in your back yard to hide your money or placing it under your mattress.
Do not expect banks to help you. That is not their business model. It’s all about them making money off customers. Giving back to customers is not part of their business; taking whatever they can is.
10000000% correct. I look at all banks as LEGAL PROFESSIONAL THIEVES.
I would also agree, banks are indeed Legal Professional Thieves. They use our money to make millions in fees. I do what my Grandparents do, put a little in the bank and bury the majority in a lock box somewhere in my garden. The only person that know where the money is buried is my daughter in the event that if money is needed she knows what to do.
Tat is a dumbass move – money in the ground is losing value. It’s called inflation. Get it invested somewhere it will work for you…
Where do you live?
Call out those banks that are derelict in their duties, Premier!
Is it: FB, BP, SB,or NB?
We, the people, need to know, so we could know how to handle our banking affairs!
Now is the time,Premier!
TRUE confessions are good for the soul!
Go and do your market research. Expecting everything to be spoon fed… get some critical thinking skills
I am disappointed in this statement, and I can same the same about the government they are not doing enough for the territory.
People looking to the banks for the break, but still not helping out their tenants. It should be that you pay your loan if you aren’t prepared to deduct half off your tenants rent. That’s what should happen.
Do you understand that the banks are not giving a break? They are simply deferring the payment to a later date.
Isn’t that a break? You expect the bank to allow you the use of other people’s momey free of cost? Did riteway give you three months supply of food free of cost? Did you govt say “no uncome tax to be paid for 3 months”? Did you say to your tenant “no rent is to be paid until after covid”?…did the light company say “don mot pay any light bill for 3 months?..
Why is all the attention on banks?? Are they the only business in the territory?
“Whenever you challenge a bank, the first thing they tell you is that ‘a lot of people ain’t paying so we can’t do it’. And I ask ‘how they going to pay? Irma and Maria came, people ain’t catch themselves yet and here comes COVID-19’. So you have to come up with systems in the banks to adjust, ” the Premier said.
Yes Mr. Premier Your on the banks!! what about education system? Education should not have parents paying for these none used vide at the Elmore Stoutt High School!
These VIDE is SCAM! Easy Money Education Department!
The banks do need to do better. These banks in the BVI have done very well and I am sure their bottom lines will show evidence of that. They should do more for the community that brought them much $ucce$$ and have programs for those who have fallen in difficult circumstances.
However, social issues are a matter for the government to handle and the Premier should not deflect from his responsibilities. If I were grading Social Security they would have an “F”. How long have our borders been closed and they haven’t come up with a plan for properly addressing people who have been out of work,people who have been placed on quarantine who aren’t sick, where are the programs to help them?
They treat you very bad and they label you base on your business progressing or not.
Sick sick people.
To each his own.
Premier you are also treating us bad with this nonsense curfew
Trump did not build no strongest economy, trump inherited a strong economy that president Barack Obama built . Remember Obama inherited the worst economy in the history of America since the great depression and turned it around starting with the bailout of the auto industry so stop giving credit where it’s not due.
It took a global pandemic and shutting down commerce for the Trump economic and unemployment numbers to fall to the Obama high water mark.
Obama is a great man and great speaker, a great President he wasn’t.
Those that think he was are probably not American and probably didn’t live in the USA during those stagnant times.
They were only stagnant as his hands were tied by the Republicans!
Ever seen a pig leave throufgh?
ok when the baks give the landlords a break are the landlords passing the breaks on to the tenants?
What breaks the banks giving to landlords? Are you speaking about a deferral of payment? That is not a break. It has to be paid. If tenants are told don’t pay me until next month, how many will pay? The banks are not giving anyone a break. Trust me. What obtains in the U.S. Virgin Islands and what is done to us here is terrible. Mortgage rates is the best example of that. But the Government only a mouth piece to speak on thing sin LEGCO. They passed laws for marijuana and gambling, but nothing can be done through the law for these banks. If you ask me that is very sad indeed.
Mr. Premier, you are speaking to an international audience. No one will take you seriously if you make statements like these giving you 50, 60 reasons … Dem evil ting right there in dem office ain’t want to move to help the people! Not all of them, but they know themselves,” the Premier said.
Think about it…learn to speak as an ambassador not a local
Talk to your wife. Doesn’t she hold a big position at BP?
So bank not giving a break but what is Social Security giving. We still waiting on them for stimulus relief.
You Mr Fahie is Prenier of the BVI. You have legislative tools you can use.
How can residents demand better rates and programs?
I thought that the majority elected your party so you can resolve these issues.
Just saying
….can we just start by having actual money in the ATMs?
And for an advanced level concept, having said ATMs take deposits on Sundays???
“people ain’t catch themselves yet “.
It would be nice to have a leader who can speak English. It makes us look uneducated.
People ain’t catch them self yet since Irma yet you add 7 % TO SEND MONEY during covid wow!
Nationalise the banks.
Simple.