As many people will know Butterfield Bank has sought to close accounts associated with my business interests, personal accounts and that of members of my immediate family.
They have done so without notice and for no good reason, as yet identified. They have in my view sought to manipulate the KYC* and AML** Regulations in Bermuda to make decisions about me which I have no doubt are politically driven. I regard their actions as criminal, but I can and will deal with them.
BUT THIS IS NOT ABOUT ME
What my experience has done is to educate me about how Butterfield behaves towards many citizens in this country. This is a story about how a bank that has been bailed out by us, the people, to the tune of $$millions only 15 years ago, and who claims to be a local bank for the people of this country, can so readily betray its citizens. Many people contacted me about how their accounts have been closed without notice, how they have been refused accounts or had their accounts frozen or lost houses. Many of these people do not have the money or the ability to fight the big corporate and have suffered as a result.
How is it possible for people in today’s society to operate without a bank account? How do you get paid? How do you buy goods and services online or even in shops now which refuse to take cash? Having a bank account is as necessary as electricity, water and the internet.
I completely understand that banks have to abide by ever stricter regulation and so they should, but this is not a reason to withdraw all facilities. They may tell you that you have 30 days to move to another bank but for most people that is nigh on impossible – which other bank is going to take on those that have been kicked out? Most people will struggle to find another bank willing to take them.
And if they do, how is it they can entertain a customer operating under precisely the same regulatory regime that Butterfield operates under?
In all of this, what of our regulator, the BMA? Their position is and I quote “It is not within the BMA’s legislated mandate to settle any complaint you may have with a licensed business”. So the bank can do whatever they want, impose whatever conditions they like and there is precious little you can do about it. It’s like them saying “suck it up”.
As you know I have called upon the Premier to order a Commission of Inquiry into the way in which banks operate in this country and I shall continue to pursue that course, however, it seems to me that there are ways in which we might contain the banks actions rather more readily, in line with every other developed financial jurisdiction in the world:
- A Financial Ombudsman whose job it is to settle disputes between the bank and its customers, with the power to force them to behave in responsible way and penalise them when they get it wrong***
- An Unfair Contract Terms Act, so as to prevent the banks from inserting wholly unfair terms in their T&C’s which is then aggressively deployed to permit them to do as they please****
It has become clear to me that not every bank is the same and I urge all Bermudians and anyone who cares about fairness to leave Butterfield now before they close your accounts without notice, disrupt your business by freezing your account or just stop you getting your money because of your political affiliations or other criteria yet unidentified.
What they seem to forget is this is not their money. Let me say that again this is not their money. They have no right to just treat it as if it is. I am asking everyone who has been affected to contact me on zane@ics.bm or by WhatsApp on 5053011
* Know Your Customer ** Anti-Money Laundering *** this exists in every major western country eg.USA, UK, Canada and Australia to name but a few **** This has existed in the UK since 1977
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