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Charlotte Amalie
Thursday, August 18, 2022
HomeNewsArchivesDivision of Banking and Insurance Is Resource for Consumers

Division of Banking and Insurance Is Resource for Consumers

The Division of Banking and Insurance is a valuable resource for consumers who may have disputes or complaints with local banking and financial institutions. The mission of the division is to serve and protect the public interest by aggressively enforcing the insurance, securities and banking laws in the territory, according to a press release issued on Monday by the Office of the Lieutenant Governor.
In recent weeks, the division has received complaints of possible fraud as residents took note of a V.I. Police Department advisory concerning incidents of debit and credit card fraud. Lt. Gov. Gregory R. Francis, who serves as the chairman of the Virgin Islands Banking Board, encourages persons who suspect that they are fraud victims to work with their bank and authorities to resolve the problem.
In addition, employees of the division can also assist consumers with any complaints they may have with banks and financial institutions throughout the territory.
Francis recommends that consumers be more proactive not only to maintain their financial integrity but also to avoid credit or debit card fraud. Consumers are advised to:
1. Shred receipts and statements before putting them in the trash
2. Not give account information to anyone over the phone, unless they know it’s a reputable company
3. Not lend anyone their card or share their Personal Identification Number (PIN), online login information or password
4. Save receipts to compare with their statement, and open bills or check them online promptly
5. Read all correspondence from their banks or financial institutions, as it may contain important information regarding new bank policies, fees, etc.
6. Get in the habit of monitoring their accounts, which helps to identify any unusual activity
7. Call their card issuer immediately if their credit or debit cards are lost or stolen
Francis said that while many consumers often successfully resolve their complaint or dispute on their own, some find they may need additional assistance. He reminds the public to keep organized records of all documents related to the complaint, which may include receipts, statements and copies of e-mails or notes of whom they spoke with. This information becomes part of any formal complaint that is filed with the Division of Banking and Insurance.
Anyone who believes that they may need assistance to resolve a fraud complaint or other dispute with their bank or financial institution should contact the Division of Banking and Insurance at 774-7166 for the St. Thomas-St. John District or 773-6459 for the St. Croix District.

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