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When Will The Illegal Rip Off Finally Stop?

Source: 721 News 24 May 2023 09:49 AM

Several months ago, I wrote an article about the local banks ripping off cardholders on this islaND.The world, inclUDing St. Martin, is rapidly doing away with cash transaction aND going over to electronic transaction.

So, I have decided to bring up this topic again, in HOPE that as elections are less than a year away, somebody who isdesirous of being elected, or re-elected, (inclUDing the minister of fiSPArty/23/national-alliance'>NAnce) will eventually do something about it.

Cardholders with US Dollars bank accounts are at the mercies of some of the banks on this islaND. When WIB Bankcardholders use their US Dollars WIB card at an establishment that uses a machine from RBC Bank, FCIB or Republic Bank,(formerly BNS), the transaction is processed in US Dollars aND converted to SPArty/23/national-alliance'>NAF aND subsequently re-converted back to US Dollars,which causes the cardholder to pay a higher amount than what the transaction was approved for.

AND in some cases,the transaction is processed in SPArty/23/national-alliance'>NAF aND converted to US Dollars because the cardholder has a US Dollars account.

For example; a cardholder with a US Dollars card goes to an establishment aND processes a transaction for US$100, swipesthe card aND gets an authorization for US$100. The transaction is converted to SPArty/23/national-alliance'>NAF at 1.82 (a rate that inclUDes the 1% license fee,

which is applicable only when withdrawing US Dollars cash or seNDing fuNDs abroad) thus SPArty/23/national-alliance'>NAF182. As the cardholder maintains aUS Dollars account the transaction is re-converted to US Dollars using the rate 1.78 aND the cardholders account is chargedUS$102.25 while an authorization was obtained for US$100. The transaction was approved/authorized for US$100.

The cardholders bank charges the cardholders account US$102.25 which is illegal because the transaction was approved/authorized for US$100.The next example pertains to a situation where the transaction is processed in guilders.

If the cardholders bill amounts to US$100the establishment converts this amount to guilders using the rate of 1.80 The cardholders card is swiped aND approved for the guilderamount SPArty/23/national-alliance'>NAF180 As the cardholder maintains a US Dollars account the transaction is converted to US Dollars at 1.78 aND the cardholder is charged US$101.12

Let me be clear, the merchants are not the ones doing the conversions. This is done via the banks system. In the first case, the bankused the rate of 1.82 which inclUDes the 1% license fee, to convert the US Dollars to SPArty/23/national-alliance'>NAF. The bank cannot remit the collected fuNDs tothe government because the reason for charging the 1% is not valid. So, the bank keeps those fuNDs, which is illegal.

The conversions do not occur when a WIB cardholder uses the card at a WIB Merchant. So, my question is, why does it occur when theWIB card is used at another banks merchant?

In the near future we will be compelled to use the banking system for all transactions, so I am pleading with the Minister of FiSPArty/23/national-alliance'>NAnce to pleaselook into this illegal practice now. This illegal rip off system must be stopped.

NDidate' href='/newspolitician/395/ferSPArty/23/national-alliance'>NANDo-clark'>FerSPArty/23/national-alliance'>NANDo Clark

The post When will the illegal rip off fiSPArty/23/national-alliance'>NAlly stop? appeared first on | Sint Maarten News | SXM News.

Fernando Clark mentioned 1 time

National Alliance [NA] mentioned 17 times
St Maarten Patriotic Alliance [SPA] mentioned 28 times
Helping Our People Excel Association [HOPE] mentioned 1 time
Hope Party [HOPE] mentioned 1 time
New Direction St. Martin [ND] mentioned 17 times
United Democrates 2018 [UD] mentioned 4 times Corner Stone Solutions NV