In the wake of a security breach affecting a handful of Virgin Islands customers with Visa debit cards, Premier Dr. Orlando Smith said Tuesday that he’s been in talks with bank officials, who have pledged to make sure that any funds lost by VI accountholders due to “compromised” accounts will be returned.
Dr. Smith said the breach, which affected customers at Scotiabank, Banco Popular and First Bank here and in the United States VI, has rekindled discussions about the possibility of deposit insurance for accountholders in the territory.
“Ladies and gentlemen, the protection of the financial assets of the citizens of the society is of highest priority for this government,” Dr. Smith told reporters during a press briefing Tuesday afternoon. “Each and every person in the territory who has accounts at the bank here must be assured that their deposits are secure.”
He said that a VI Deposit Insurance Corporation is being set up now, and that the insurance should take effect in late 2015.
Like the United States’ Federal Deposit Insurance Corporation, accounts would be insured up to $100,000. This amount, the premier said, would cover the majority of VI accountholders.
See the Nov. 27, 2014 edition for full coverage.
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