‘Sheep to the slaughter!’ Fraser slams local banks for mistreatment
Opposition Leader Julian Fraser has suggested that despite the alleged mistreatment being meted out to their customers, residents are stuck with local banks.
Fraser argued in the House of Assembly (HOA) that complaints are being made that banks are not responding to the needs of the people, yet lawmakers are discussing legislation that would ensure that certain banks are made ’too big to fail’.
“We need to have a conscience, and that conscience is to serve the people of this territory,” Fraser stated.
According to the Third District Representative, when banks are foreclosing on people’s properties, refusing to finance projects, and to give debt relief to residents in favour of foreclosure, the government has a responsibility to step in.
Fraser also protested that legislation is coming to the House to be passed for multiple readings without proper assessment by lawmakers.
“We’ll do it because we understand. We understand that our economy is tied to the business of financial services. We understand that and there are times when these things have to be done,” he said. “But we can no longer continue to turn a blind eye on our banks. No. Our people are like sheep being led to the slaughter when it comes to banks. They have no choice, absolutely no choice.”
Fraser said big banks have already left the jurisdiction because of de-risking. “You can’t find a Scotiabank you can’t find a Barclays bank, they pulled out, we’re too small. And in came the other banks that are here, and they’re squeezing us, squeezing our people. We don’t have a choice. What else are you going to do?” he asked.
“You can’t keep your money in the mattress for too long. It doesn’t grow interest, and your neighbour might steal it,” Fraser argued.
He insisted that there is a wrong that is going on with the banks and said legislators need to be reminded they need to step in and right that wrong. “This financial services has a responsibility to regulate those banks, and whatever is not right, it’s their duty to fix,” he said.
Banks lying to residents
Fraser also accused the local banks of lying to their clients and not fulfilling promises that they made to them.
“You’re sitting before the officer, and he’s telling you something or she’s telling you something, it sounds good – ‘that’s exactly why I came here, I got what I wanted’ – you leave the bank, and they squeeze you, who do you go to?“ Fraser asked.
The legislator said this is the reason the Financial Services Commission (FSC) is in place, and argued that if they fail, then it is the duty of the Minister of Finance to address the problem.
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Why no arrest on sea cows Bay Harbour project?
Banks are also committing perjury to mislead the courts to get orders against honest clients. Banks are lying about following pre action protocols but soon the stories will be published and the individuals in all the banks who had a role to play in this evil practice (including their lawyers) will be put on blast! Only a matter of time. Watch.
Exactly! From the audit report government money was used to build up private land that he owns. His brothers were the contractors. People got money and didn’t finish the work. But no arrest until now. Maybe he is not a threat to them. It is selective scapegoating that is going on.
I’m still waiting on you!
One bank in particular knows for certain that an employee stole money from various customers’ accounts. And, believe it or not, although one customer had (still has) proof and complained to the bank while showing the actual proof, the bank did NOTHING to give that customer back the amount stolen. The customer is still out of pocket $21,000 and seemingly has nowhere to turn.
Shamefully,there are other employees in high positions in that bank that know about the theft but turned a blind eye and a deaf ear to the customer’s complaint.
Yes Sir
I agree with you. BVI banks are not fit for purpose
I took a suitcase full of $100 bills into a Road Bank for deposit and the Manager said he wanted me to provide a reference first.
When I explained I was not looking for a loan, I was the one giving the Bank money, he told me to leave before calling security and I born here.
Ayo cant touch he
FRASER FOR PREMIER
No smoking guns
Fraser is right about those banks. When Scotia and Republic changed hands, Republic attached an extra $5,000.00 to my home Mortgage, telling me Nancy stories about outstanding fees. How in Jesus name I could have $5,000.00 worth of fees when I never missed a payment for the past 29 years? I have always kept a physical record of of my payments and balances, so I know what my balance was at the time of the change-over. I just can’t wait until 2023 when my loan matures.
I have always wondered who is regulating these banks. I know the answer but my point is the people of the BVI are being raped by these banks. No one is doing anything to help the people. Why the ridiculous interest rates? These banks have head offices elsewhere who make the decisions and are not sensitive to the needs of the people of the BVI. Obviously we have a local bank who can only do so much.
The next one to address is the insurance sector. Another rape and advantage scheme on the people of these islands.
You all could hate on hon fraser all you want but we in the 3rd are still gonna vote for him.
This time I agree with Fraser
Sea Cow’s bay harbor project is 100 times worse than the high school project. Why no arrest and charge? How could this be justified?
The banks we have are totally inept and not capable of being banks.
We need effective on line banking and education of the populace to get themselves out of the cheque and cash erase we can authorize an modern on line bank.
i think republic bank need more training both management and staff when it comes to banking ethics and principle.The bank that won the award for professional service would have to be National Bank of The virgin island
These local banks are the worst!!! Only concentrate on loans (house, land, car); credit cards and CDs which don’t pay $hit!! There are much more services they can offer that their head office provide.
can’t wash money at that bank
The people of the BVI should be raped by the banks and the insurance companies. You vote in crooks that the banks and insurance company own. These crooked politicians give you a wink, an envelope an off you go to vote them in. Now you complain what the banks and insurance companies do. How many of you got screwed by the insurance companies after Irma and the politicians that give them the license to sell insurance did nothing to make sure they paid the claims. You all deserve everything that you get from the banks and insurance companies. Ask goofy hair how much he gets from them.
@ My Bank
A full suitcase you say? Not half full? Thanks for the laugh.
A reference? Maybe the manager was testing to see if you would provide the name of one of our noble politicians?
But seriously, the financial regulators need to take a look into that bank for not reporting you.
I totally understand your situation for we share the same issue with Republic bank. Couple Months after Republic bank took over all of a sudden I am owing more money on the mortgage for no reason. My payments are up to date and on time but they increased my payoff by an additional $18000.00 my word taking on a mortgage loan is not an investment anymore it’s a penalty for having a roof over your head!!!!
This is a fact and they all need to be on BLAST. It is unfair how the banks are robbing the public with no one to answer to. Some of the lawyers on the other hand, are worst than the bank because they know some of the things they promote for the banks are dead wrong but they find a way to make it sound good in court. Lawyers and bankers were once responsible respected people in the VI but now some not all are professional criminals. PUT THEM ON BLAST. Legislation is needed to hold banks and lawyers accountable for the unethical conduct that is becoming a norm. FSC need stricter guidelines and there should be a regulatory body for lawyers.
This is a fact and they all need to be on BLAST. It is unfair how the banks are robbing the public with no one to answer to. Some of the lawyers on the other hand, are worst than the bank because they know some of the things they promote for the banks are dead wrong but they find a way to make it sound good in court. Lawyers and bankers were once responsible respected people in the VI but now some not all are professional criminals. PUT THEM ON BLAST. Legislation is needed to hold banks and lawyers accountable for the unethical conduct that is becoming a norm. FSC need stricter guidelines and there should be a regulatory body for lawyers.
These banks are here for one reason only, to make maximum profit. They don’t care about the customer. This is very obvious, their ATMs are always down. Banco being the most popular, they need to add another machine at Pier Park the space is there to help the one that always out of cash, or not working. This would be of great help. It gets really frustrated when the main ATM ain working Drive to pier Park, that’s out of cash or not working. Frustrating. Don’t think the bank really care.
Hon Fraser is so correct. He is the only politician who is not afraid to defend his people.This is a very serious matter. The Banks are taking advantage of the people in a time when you had terrible hurricanes and Covid. The people are financially drained.No Government in place ready to stand up for the people but Hon.Fraser. Hon Frazer I thank you and Salute you.
Virgin Islands national bank refused to approve a loan of $2500.00 for me to take a vacation. Even though I have a mortgage with them for c15 years and never missed a payment. My deposits are over $7000.00 per month yet they decided against the loan based on a f**king machine calculations. They need to shut h**l down.
So report the bank directly to the FSC and the Government ombudsman. There is a process and with the CFATF peer-review coming in 2023, they will want to be seen to be responding to legitimate complaints
You should have done what the other money-launderers here do – dust off the white powder from the notes, then get your friends at the many bars and other cash businesses (supermarkets or gas stations, etc.) to pass the cash through their businesses. 50c on the dollar for you is better than the response you got.
The sooner this cr**k is jailed the better.
The local bank might be about to need extra capital from Government or SSB. It lent too much to the wrong people and now can’t get that money back. They made a loss in 2020 and only a small profit in 2021, so are weak. Good citizens do NOT need a bank that favors the people as we all know that only those with connections will get the good deals…
It’s the People that work in these Banks using their Personal vendettas and grudges against local individuals. The Banks can only carry the stigma, it’s Our Own Bank Personnel mistreating the People then they go laugh and soo soo with their acquaintances. But don’t worry, what goes around comes around. No matter the atrocities, they could never define One’s Destiny.
Yep, those same birds singing like they just came back from fantasy island with a whole of wannabe fantastic ideas like their, consciousness , sight , and voice came back together at the same time , and a lot of people know that it’s surly not because of the xmas season ?? oh , we even have a psychic his holiness Csc ?/ well hallelujah
Why do you need to loan $2500 if you are depositing over 7000 a month? The maths not mathing for me.
WARNING: Don’t do an international wire transfer from RB. When/if the funds arrive at the intended destination minus hundreds or thousands – ‘It’s not out fault’ is the response after they’ve taken their commission… ‘Do your own investigation.’
Honourable Fraser. Financial Services and the various government administrations have long failed the people of these islands. The banks are acting like some big bad wolves to its clients and when you go to fin Services they have no teeth because the legislation is not there.
Secondly, I am of the opinion that our politicians have no interest in what happens because they go in the House and they do nothing to protect or assist the electorate.
Yet they get elected term after term. BVI people stay woke. When your neighbour house on fire, wet yours.
That’s my two cents.