Major Stories

Reimbursements Up To Discretion of NCB

Following reports that NCB customers have been defrauded eighteen million dollars in ten days, the bank is advising customers they’re not guaranteed reimbursement of funds. The National Commercial Bank (NCB) is also confirming that the entity has not been compromised.

Speaking with CVM Live Friday, the bank’s Special Investigations Manager, Dane Nicholson says, because customers would have divulged their information to the fraudsters, even unknowingly, the bank isn’t obligated to reimburse. Instead, he says the matter will be treated on a discretionary basis. Nicholson, who recently announced NCB customers have been scammed 18 million dollars in ten days, says the bank’s discretion will be fair for all customers. He’s dismissing allegations that the scamming is being fueled by NCB workers. Nicholson confirms the monies scammed are insured, however he notes that doesn’t make reimbursement mandatory.

He says due to the magnitude of this investigation, it could take weeks, as opposed to the usual 3-5 business days. 

Reporter: Velonique Bowen

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