Local banks accused of exploitation
One lawmaker has accused local commercial banks of exploiting their customers, arguing that some of these questionable tactics are not found at their other branches.
Both the government and opposition members have blamed banks in the past for carrying out predatory practices and criticised them for not doing enough to help local customers.
“I have a lot of friends who work in all the banks. But the banks are not my friend because whenever they get ready to do what they have to do, they can do it, regardless of the effect it has on you,” Opposition Leader Ronnie Skelton said.
Skelton argued that local banks keep transferring their operating costs to customers because they do not want to bear these costs themselves.
“Every month, regardless of how much money you have in the bank, they charge you for keeping your money in the bank, you know. And we ain’t saying anything, we ain’t doing anything, we ain’t telling them that this is wrong,” Skelton argued.
He continued: “If you got a hundred thousand dollars in the bank, every month you see the bank take out five dollars or something like that. And the interest, if they’re adding any interest, it’s point zero something of a dollar. Something is wrong. They’re not doing it anyplace else. Why are they doing it here?”
Last year, Deputy Premier and Minister for Financial Services, Labour and Trade, Lorna Smith, said banks must communicate better with their customers.
Smith previously shared that she felt banks were simply not doing enough to facilitate loans for persons most in need and suggested they need to be more generous.
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it is global terrorism.
You are correct Ms. Varlack
This is one point I agree with Ronnie on.
Yep, our local banks interest rates are ridiculous compared to other Caribbean countries and the USA
and don’t even talk about our saving interest rates.
He continued: “If you got a hundred thousand dollars in the bank, every month you see the bank take out five dollars or something like that. And the interest, if they’re adding any interest, its point zero something of a dollar. Something is wrong. They’re not doing it anyplace else. Why are they doing it here?” Ronnie Skelton if you can’t figure out the answer to this question I will answer it for you, they are doing it here because they know they can get away with it because the government and the Opposition don’t care about the people all they do is talk talk and more talk no action.
In my view, these banks are legalized thieves.
What they do is take your deposit, and make tons of money on it by lending it to other people at high interest rates.
Depending on your account type with them, you stand to get nothing to a pittance in return.
They also charge exorbitant fees for everything they can imagine to siphon off more money from their customers account.
I could envision these thieves, yes I am calling them thieves, sitting at their computers drinking a cup of coffee at the while eyeing your bank balances thinking of creative ways they can come up with to get their hands on some of it.
Then, there is this issue of preparatory lending that many of these banks are engaging in.
They knowingly in my opinion loan money to certain individuals at very high interest rates (loan sharking) knowing full well that person may have some difficulty down the road paying back. This then gives them an opportunity to foreclose on their properties.
How many properties have been foreclosed upon by these banks in the BVI? It’s not a low number.
IMO, the banking system in the BVI needs tighter regulations. They are taking advantage of customers no doubt.
All customers get in return is bad customer service or no customer service at all. How many of you tried to reach one of these people by phone or have them respond to a text and got no answer? I’m sure there are many.
I have advised on this forum before that in light of these banks abhorrent practices that people should be wise with their banking.
Many of us need a bank account to pay bills or conduct business, but my message to all is to keep the minimum amount needed to keep your account open, and conduct business.
Keep your eyes on your account. Check your balances daily. Remember the hawks are looking at it too.
Do not keep large savings in these people’s bank. Find some other investment portfolio to get a greater return on your money. You don’t have to use the local banks to do so.
Leaving large amount of money in these banks allows them to use your money more, and give you nothing in return.
Keep very little money in banks. Whatever you put it, take it it in short time. Cash your check and leave little behind.
Use them like they are set up to use you. Don’t trust them. Bank with both eyes open.
And if u dont put ur money in the bank they call it laundering….the system is a set up!
The governement let’s the bank get away with exploitation to the highest degree. You can’t even get customer service for banking issues, have to call overseas then they tell you to speak to the local branch and the local branch tells you they can’t do anything call overseas.
Pure talk shop and not a f**king thing will happen! NEXT!!!!
I will continue to say it no matter what because its the truth. Religion is at the bottom of all the dirt that is running the planet to a wreck. Some might say what does religion have to do with banking here is the connection. Religion keeps your mind anesthetized (paralysis of analysis). Even their bible admits that the Synagogue of Satan (Religion), The Dragon gives power to the beast Babylon System. Until we realize how we have been hooked we will continue to chase our tail in a vicious dizzying circle. For those of you who live in denial you have placed yourself in a trap from which there is only one way to escape. Admitting the truth will set you free. The church played an integral part in the Slave Trade and Slavery. The first British ship to transport slaves from Africa was called ” Jesus of Lubec” owned by Queen Elizabeth 1 and captained by John Hawkins with his cousin Francis Drake as a crewman. Another ship was called ‘Amazing Grace” now sing captain John Newton’s song with this revelation and understand how the hook that has been placed in your psycho Viscera. If I have lost you understand that the economies of Europe and the West were built on the backs of the slave trade and slavery. Yes what the banks are doing is a part of the slavery and it transcends color and race truth be told money won’t save you only Truth and Righteousness can and this begins with a journey within. As we speak the planet is on the brink of Nuclear catastrophe fueled by sectarian violence, greed and the banking system.
Ive reached out to the FSC about the banking nonsense and they are not interested.
e.g. Business debit cards are limited to $2000 per day. So are personal cards. To pay suppliers they want you to use a Wiretransfer which will cost me $10K per year in bank fees.
Please can I have a business credit card then. Limit is 10K. My bills are 18K. You can increase your limit to what ever you want but you need to give us that amount to secure it. Ok so I wank 50K limit. I have to give you 50K to access the 50K in my acccount. But this can only be used twice a week as we will keep it as a pending transaction on your account even though the supplier has been paid in full.
Oh well at lease were getting airmiles. Oh yes we capped that at 150K per year. WHAT!! where does it say that in the contract. It says we can change it when ever we feel like it.
Ok lets go back to the wire transfers. We may let you do it one week but next week we will refuse the transfer asking for more info which we did not need last week to send out the same wire.
This is what we do conducting business in the BVI. Fight with the banks to get the money out our account to pay suppliers on the limits dictated to us by the banks on our money not theirs. FSC is a joke they just allow the banks to do this.
The BVI Financial Services Commission (BVIFSC) is the Commission to regulate these Banks. Customers need to write to the BVIFSC with their complaints and if no response bring it to the media houses. Sometimes only when you go public with certain matters you see results
People, Financial Services Commission is only concerned about overseas companies doing business in the BVI. The banks even though their head offices are overseas they are treated as local and that is why they are allowed to run wild with their evil practices. By the way insurance companies are also culprits to the unfair practices.
It sounds like we are both doing business with the same blue bank. Oh how, i miss Scotia!!!!
* bank some one told me that they try ing to buy a piece of land everytime it something right now the young man gone on vacation got the process heldup sure wen he returns from vacation it some order stories he either incompetent or he doesn’t know what he is doing and this it’s been awhile now this is unacceptable
were you there ?? U R – either the wigged one or the historian E -lienerd , all yo know everybody’s business , except yuh own
That’s the perfect slave mentality pour a bucket of bullshit on any information that enlightens. The records exist these are not made up stories.
in banking are improving on this side of the Atlantic. So don’t bother with the backwards BVI banks and bank with the international banks that primarily rely on US currency. The only problem to overcome is the slow internet in the BVI. During those brief periods when the BVI internet actually performs it’s easy to make deposits, transfers, payments, etc. to and from various types of accounts. Most times doing your bank transactions on line during non business hours is more efficient than during the day in this Atlantic time zone.
You pay those banks 3 times what you borrowed from them and when the loan matures, they hit you with an exhorbitant figure which they call fees which they can’t explain. Then they take 3 to 6 months to sign off on discharges from your properties even after you or your lawyers prepared the documents for them. When you save your rent income and other legally obtained cash someplace other than the bank and try to use it for large purchases, like a vehicle, they want to assume that it’s drugs money.
“Do not keep large savings in these people’s bank. Find some other investment portfolio to get a greater return on your money. You don’t have to use the local banks to do so.”
Many would so if they knew how.
It is subjects theses that schools need to be teaching instead that colonialisation curriculum they are outdated, the people are to lazy, scared and weak to dump.
Why can’t we bury our money like long ago save it home??
I think reparations may need be in order
in other countries you actually getting an interest on your money every month but in the bvi they taking it out instead.
In St. Kitts, you get interest on whatever your Savings balance is. Its done at the end of each month. So stop banking here and send your money back home to St. Kitts, St. Vincent, Antigua, etc.
Aren’t there credit unions in the BVI that offer better interest rates and service?
PREDATORY LENDING
The banks as predators seek to exploit the customers.