At its meeting today, the Virgin Islands Banking Board chaired by Lieutenant Governor Tregenza A. Roach, voted to allow non-bank ATM operators in the Territory to increase fees to persons using non-USVI financial institutions.
The Board also voted to direct Banco Popular to create a process to reimburse St. John residents for use of ATMs on St. John during the period when they did not have access to Banco Popular’s ATM. This reimbursement process will continue until services are resumed.
Board members Rosalie Javois, Richard Grant, Finance Commissioner Nominee Bosede Bruce, were all present to take action on three agenda matters, which included an update from Oriental Bank on its continued conversion from Scotia Bank operations.
The Board issued an order requiring Oriental Bank to provide additional information regarding mortgage issues faced by clients, and additional information regarding late fees and other charges caused by the bank’s system delays. Submittal of this information is required by July 7, 2021.
“As it pertains to Banco Popular, we have been in receipt of a number of complaints from St. John residents regarding access to the bank’s ATM services and other inconveniences, particularly from our elderly population who are already forced to travel to St. Thomas for basic banking services,” said Lieutenant Governor Roach.
Lieutenant Governor Roach further added, “Now, that is compounded by fees from non-Banco Popular ATMs, which have been incurred by St. John residents since April, when Banco Popular stopped providing ATM services. These concerns were shared with senior officials of Banco Popular and questions were raised regarding when ATM services would resume on St. John.
“Board members also voted unanimously to allow non-bank ATM providers in the Territory to charge up to $4 per terminal transaction for customers of non-USVI Financial Institutions. It is important to note that local residents who use local banks are excluded from being charged the approved fee increase for their transactions. The increase will not impact USVI residents who are customers of USVI banks,” said Lieutenant Governor Roach.
For more information, please contact the Division of Banking, Insurance and Financial Regulation on St. Croix at 340-773-6449 and (340) 774-2991 on St. Thomas.