CIBC (First Caribbean International Bank) is again accused of oppressive behaviour by an average Bajan citizen. In a sixteen year long dispute between the McIntosh Vs CIBC the family has turned to social media, AGAIN, to seek justice in the court of public opinion.
Am sure they sold the first title deed they “lost” and waiting for you and your wife to die to take the property away from your beneficiaries…that’s the pattern…..the TREND with the local crooks who manage these institutions and sit on those boards in the island..
i know a lot of people removed their money from that crook bank…ya can’t even get the most basic of services there in an efficient manner from their ignorant arrogant uppity employees..
bajans need to remove their money from these banks…get them off the island.
Let social media come to you, get signs get your family and friends park in front of the main bank branch and protest and have media there tourists if any will see as well . When police come kick up a ruckus do not be moved the bank will try and quite things but have your voice heard . This is thievery pure and simple. Don’t make threats no matter how frustrating it is they will just cart you off to black rock and brand you crazy. There is always two sides to a story but at the least someone should be fired for not trying to make arrangements on interest for christ,s sake the mob only charges 10% vig.
I’ve seen a legal firm which supposedly lost the title deeds to a large tract of land make an affidavit of indemnity so the owner could sell land the company that owned the orphaned land … that was back in 1992/3 and again in 2005/6.
I’ve seen FCIB lend over $30 million on lands that don’t have title deeds in 2005/6.
The law changed around 2012/14 to allow new “original” deeds to be created from copies in the Registry.
However, some deeds were never registered and copies don’t exist in the Registry.
I have also seen deeds disappear back in the 1980’s and attorneys at law start a titling suit to establish title to the property in 1997/8.
All parties swore the title deeds were lost and a new conveyance was created by the Registrar.
However, within 2 years the original deeds turned up unexpectedly from a source connected to the “new” owners and attorneys.
There had been a falling out!!
I formed the impression that the old adage possession is 9/10th’s of the law that title deeds are used in transactions as security to raise money by those who actually have them unbeknownst to the actual owners.
Barbados is not a law abiding jurisdiction … anything goes.
The court will facilitate the “effluxion” of time as parties wait for other parties to die off.
Not a nice place our country!!
EWB was reported to have said: “If one seeks Justice one does not go to Coleridge Street”.
I nope BU Householders understand why the ordinary man saves and improves his dwelling in stages. Interests payments are usurious. If one does not understand Compound Interest it would be difficult to understand why accumulated interest payments exceed the principal borrowed.
Read what Einstein had to say about compound interest.
No, sir. This is definitely not fair. This is a killer. This sort of stress is a killer. Don’t let it kill you before the matter is resolved.
Unfortunately, it is the laxity of our justice system that allows not just this bank but regular citizens to ignore judgements. They wait out the clock until somebody dies.
In some countries the murder rate would be much higher than it is.
All I can tell you to do is make yourself a pest so that they would rather get rid of you. What Barbadians tend to do is give them time to breathe between interactions. You have to be persistant and constant to wear them down.
That’s how the widow in the Bible got justice from the unjust judge.
I speak to you from personal experience.
@Lawson
10% vig, but that is weekly. $10,000 @ 10 points in mob speak is $1K per week + the principal. In 10 weeks the vigorish=principal. You owe $20K. Illegal unless you put a sign over your door which says “Payday Loans” lol
It is unfortunate CIBC would have allowed this matter to have continued for 16 years especially given the relatively small sum involved. Are we missing something?
Difficult to escape usury if your signature is on the documents agreeing to it!!
FCIB is a zombie bank. They are no longer interested in granting private loans at all, but in 2013 they issued a large sum as a loan to the state of Barbados without securities. Just try getting a mortgage loan from FCIB. They’ll invent 1,000 reasons why they can’t.
This happened at a time when Barbados was definitely already bankrupt because the capital market no longer wanted to lend money to the Sinckler government. In my view, the lending could be a criminal offence to the detriment of CIBC and its shareholders. It is time to wind up FCIB and release the managers and employees to work on the sugar cane plantation under COW´s custody.
“Are we missing something”(quote)
Has BU asked the area manager for comment?
Frequently the right and left hands within “the bank” do not communicate. The employees are like ‘policy robots’.
@Tron
“2013 they issued a large sum as a loan to the state of Barbados without securities.”
No they got SECURITIES in the form of worthless Bonds which as of May 2020 which according to the IMF Loan Agreement was to be paid back to the “Banks” in full or the IMF Loan became null and void. My question is what has happened to this BANK LOAN BOND PAYBACK, IMF and Barbados Government more than “SILENT”. Are palms being greased.
Put this same video, or link to this page on the Globe and Mail of Canada.
They will not like the CANADIAN publicity.
Also, refer the matter to the Barbados Ombudsman and an open letter to the FSC of Barbados.
Financial starvation on de oppressed ?
Become a CIBC pest. Get in their every which way. The principle was a small sum.
However, our Minister V. C. Reference “Compound Interest” is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest. It is the result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously accumulated interest.
Donna on point…
@Norther Observer
The plaintiffs indicated in the vid that the president of the bank was notified.
TronJuly 10, 2020 10:42 AM
FCIB is a zombie bank. They are no longer interested in granting private loans at all, but in 2013 they issued a large sum as a loan to the state of Barbados without securities.
+++++++++++++++++++++++++
Maybe the lost deeds were not lost at all!!
David I can only relate what scotiabank in canada said to me years ago, yeah its our name but we are a totally different entity from scotiabank barbados.We really dont have any interaction with them So going to the top dog in canada probably means nothing.
N observer dont be giving your banks ideas,
FCIB offers the worst interest rates for real estate of all commercial banks in Barbados. If you go to the big center in Warrens, they don’t know anything about loans and won’t even call you back. I therefore assume that FCIB does not do new business anymore, but is liquidating the whole rum shop. Like LIAT.
Its not like a bank to let a delinquent account just sit on the books for 16 years and just let interest accumulate when they have security pledged. (I am being facetious as the security in question is the plaintiff’s property of which they mislaid the deeds). Didn’t they even try to get in touch with the McIntoshs with a view to settling the matter during the intervening years ah wonder if there was a dispute about the additional interest charged between 2004 when the deeds couldn’t be located and 2007 when new deeds were generated and that led to the stalemate that continues until today.
BTW Banks often write off interest on non- current loans, as long as the principal is repaid they are happy
Was the sale of FCIB completed? Is current management betting on someone else inheriting this problem?
Sunlight is the best disinfectant, send letters to the CEO and Ombudsman again and copy the media.
And the president passes it to the VP in charge, who does likewise and likewise down the line.
And it, along with multiple other issues get lost in the shuffle?
The Area Manager is plenty senior enough. Locate the top 3 CIBC customers, guessing GEL is one. Copy c.c. the correspondence to all 3, their CEO and head of finance (usually who deals with Bank) and send by Registered Mail.
These 3 are unlikely to help, but, the Bank knows their largest (most profitable?) customers know of the issue. That alone improves the chances of a response.
@Justin
Take note of the advice. The blogmaster is sensing something is missing here.
CIBC current prime rate 2.45% as of July 10, 2020
@ David
I agree with you that something is missing, but I’m trying real hard to fit it all together. That’s the reason why I’m asking others more versed for their expertise to put the pieces of this seemingly jig saw puzzle together. Many thanks.
My mother Sylvia Udene Bishop/Carter died in 2009! Her account 9167064 no longer exist and $100,000 of the estate’s money has disappeared and we can do jack shit about it. There is no law in Barbados, not when you have got to report to the lawmakers who themselves are the biggest law breakers! You get shoved from one department to another and any noise that you make could very well be to a relative or friend of the person that you are complaining about. These people have each others backs and play musical chairs with their clients! passing clients on to a friend or relative all prepped and full of renewed hope just to be picked up by sharks. I will be publishing all of my documents online at a later date. These people are so f—–g blatant that they can’t be bothered to cover their tracks! E.g: $12,000 funeral cost was paid in July 2009 to L.R. Harris funeral parlour of St, Lucy and another $20,000 three years later! A second coming, I think not! That’s just a taster, the list is a long one. I would like to take this opportunity to say that Coral Ridge Cemetery was the only place where I got a legit receipt! watch this space!
@Justin
You made a decision to go public with your matter after realizing your attorneys exhausted all efforts to no avail. The public court has requested, that plaintiff reshuffle de deck and lay down all 52 cards. The jokers are not to be withheld. After your submission, the Ministers/Public will reconvene on the matter.
@Hants. That is the Canadian rate and general international rate.
Barbados has a much higher rate because it is so special. Unfortunately the savings rate does not reflect the Barbados Captain Bligh rate.
@NO
The Area Manager would have been well informed of the situation although that position may have undergone several personnel changes over 16 years. I am not sure how involving other corporate clients will help as their relationship is not the same, corporate clients go right to the top of the heap and they almost never experience these issues, plus they always have the threat of moving their business elsewhere.
Isn’t VC the resident expert on banking here? Where is his take?
I found at least two entities that handle bank complaints but I am not sure if they handle offshore issues even if it is a fully owned subsidiary.
@David
Agree that something seems to be missing…..
BTW didn’t I see a newspaper article where Ken Jones alleged that this bank lost his documents also?
Re bank losing documents, there was an institution that had three senior people leave suddenly a few years back.
Not saying this is related. Just saying.
@ Sergeant at 7 18m PM
As David mentioned twice there are some missing pieces in the narrative:
. The loss of the title deeds by the bank. The client cannot be liable for subsequent interest charges ,if the bank displaced them and this held up the sale.
The client should have been given a repayment schedule covering the period of the loan. This is broken down into interest payments and loan payments.
Finally the reasons for the delay in the court decision and what that decision was.
Advice /opinions cannot be offered/ arrived at without all the relevant facts.
Nothing above constitutes professional advice. They are for discussion purposes only.
I don’t understand,you have a law firm and you should be taking instructions from them,you didn’t say what advice you got from them.something doesn’t sound right.
It is only obvious that he cannot be held responsible for interest accrued because of the bank’s negligance.
A few year’s ago this same bank changed a check for my brother on an overdrawn account. Their mistake. Instead of pursuing their account holder who had written the fraudulent cheque they relentlessly pursued my brother to return the money. I tried to persuade him to call their bluff. He got tired and paid the five thousand dollars. The person who owed him dodged his attempts to recover the funds. For all we know the bank could have recovered twice.
These banks behave the way they do because Bajans are scared of them.
I would have written them a letter threatening a lawsuit for harassment. That would have stopped them.
years
Nothing will until someone realize all has been lost and there nothing else to loose then dispense their frustrations.
5min:30 secs into this video…it clearly shows what these corrupt banks do to people in Barbados regarding their properties…..in collusion with the criminal class in the parliament, the bar association and the judiciary…
Please be informed that just two days ago I received word from my attorney, indicating that a full opinion as how to conclude this matter (by attorney for the bank) was sent to the department head. A response is being awaited. Donna on BU mentioned that, “You have to be persistant and constant to wear them down.
That’s how the widow in the Bible got justice from the unjust judge.” True my dear! Since I posted my video and also comments here on BU, have caused this saga to pick up momentum. We do appreciate all the comments and advice given here. We will revert back here with further developments as it comes to hand.
This a travesty of what is fair.
It does not matter who the law determines to be the victor, the matter should have been resolved more than a decade ago.
What this case reminds us is the systemic failure of the Barbados Courts to deliver justice.
*Justice deklayed, is justice denied.which must be timely.*
@Sarge
Persistentce. Wasn’t this local entity part of a larger sale announced last year? Information is power. Maybe one of these customers use this info to their advantage and the bank decides to make it ‘go away’. You also know the personnel change frequently, regularly parachuted from elsewhere.
Life involves a lot of luck. Put yourself in a position to benefit. Keep the irons in the fire. This tale has a lot of ‘gaps’. Sometimes good things happen and you don’t even know why.
Tony…ya got it assbackwards….law firms are supposed to TAKE INSTRUCTIONS FROM THEIR CLIENTS……and GIVE THEM ADVICE….in Barbados the law firms and lawyers do whatever the hell they like, never listen to the clients, GIVE BAD ADVICE.. and then the clients end up being robbed, exploited, disenfranchised and oppressed……
some lawyers are so evil minded, that they hold discussions with the other side while KNOWING that the client is supposed to be PRESENT for certain discussions….but they openly lie to their clients and tell them they do not have to be there…while knowing that’s not true…
“Wasn’t this local entity part of a larger sale announced last year?”
am sure a some latin players were supposed to purchase, i even told people they should brush up on their espanol….this exposure would be bad for business if new owners are involved, with Bajans already taking their money out of that bank….of course Bajans still need to remove their money from foreign banks….as long as the service and the nasty attitudes of the local employees does not improve..
No wonder the people on the street call it “Worse Caribbean”
I used to receive a tiny Canadian pension about $150. CDN per month, and those rascals started to hold my money for 6 weeks “to see whether the Canadian Pension Plan cheque would clear.” At that time I had been banking with them off and on since I was a teenager.
I stopped banking with them
They may be idiots, but I am not.
Mr. and Mrs. McIntosh are very clearly a gentleman and lady. But none of us can afford to be ladies or gentleman when dealing with a sharks.
I had to warn my children “banks are not you friend, their are not your parent. Your bank does NOT love you. Keep a real sharp eye on them at all times.
Got that right, even worse YOUR MONEY keep them operational but they do not train their rude, disrespectful, uppity, backward, unprofessional black employees how to treat their Black customers who keep their doors open…..they act like they are doing you a favor, show disdain and total disrespect….they never act like if without your money sitting in the bank…THEY WOULD NOT EVEN HAVE A JOB let alone a salary..i was appalled at the nastiness of some of them…toward their own people for their own money…,,,nasty UNTRAINED creatures….whom ya always have to put in their place.
Justin,
I am so happy to hear. Don’t let up at all!
Don’t obsess about it all day long but deal with the matter daily.
Take care to look after your health!
The REAL BANK ROBBERS work at the bank ! The best LIARS are lawyers ! The most popular pimps, prostitutes and parasites are politicians ! Did not Errol Barrow conclude that if anyone desires justice, one should ‘stay away from (Nelson Street, or was it) Coleridge Street’ ? Same difference ! But fear not ! There is a day of judgment and that ‘all-consuming fire’ which awaits them !!! They’ll remember their evil deeds as they lay in agony,suffering on their sick beds !!
Very uplifting and inspiring…Black Bajans take note, corrupt governments would try to stop you, but then you EXPOSE THEM TO THE WORLD…for as long as it takes….the corrupt want to continue to manage a plantation as overseers, they do not want to see the majority population progress further than being generational consumers and victims of racism and thefts against their families.
some will be successful, other will learn from mistakes..
20+ Black Owned and Operated Banks in the United States
what are you saying people have to be smarter about their finances or that they should learn to open banks and screw everybody
Lawson,
That is definitely something to consider.
Donna that’s what children should be taught the power of money, how to make it is one thing how to hold on to it is a complete different bird. Its always amazing to me how there is always someone who can double your money for you, usually living at their mothers house
This is a good place for this
From BT
“He cited three other cases, including one in which a man had spent ten years in prison, only for the charge to be eventually dropped for a lack of evidence.
He said even in those circumstances the Crown was opposed to paying the accused compensation.”
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