Abandoned Property Holders
This Code of Best Practice proposes basic guiding principles
of good banking practice for all licensed financial institutions
operating in the Eastern Caribbean Currency Union (ECCU). The
Code seeks to facilitate and strengthen the development and maintenance
of mutually beneficial relationships between licensed financial
institutions and their customers.
The observance of the Code of Best Practice is contingent on full
disclosure by both financial institutions and their customers.
The document is not legally binding. However, financial institutions
may adopt the Code of Best Practice, in whole or in part, so far as it
is relevant to the type of services that are offered and which are covered
under this Code.
The Code of Best Practice is intended to:
2.1 ensure a fair and consistent approach in customer relations and provide
minimum standards for customer care;
2.2 promote full disclosure of information;
2.4 increase customer awareness of their rights and obligations;
2.5 provide for the establishment of complaint resolution procedures,
as required under the ECCB Guidelines on Corporate Governance; and
2.6 promote integrity and confidence in the ECCUís financial system.
This Code applies to all licensed financial institutions that provide banking
services in the ECCU. The Code applies to all personal customers, including
sole traders, partnerships, clubs and other non-profit organisations of licensed
financial institutions operating in the ECCU. The Code does not apply to corporate
customers. However, financial institutions have the right to expand the application
as they see fit.
4.0 BASIC PRINCIPLES OF GOOD BANKING PRACTICE
4.1 Financial institutions in the ECCU should:
4.1.1 Act fairly and reasonably in their dealings with customers by:
188.8.131.52 meeting all the standards in this code in the provision of financial products and services;
184.108.40.206 ensuring that products and services provided adhere to relevant laws and regulations;
220.127.116.11 ensuring secure and reliable banking and payment systems; and
18.104.22.168 considering cases of financial difficulty rationally.
4.1.2 Assist customers in understanding how their financial products and services work by:
22.214.171.124 providing information legibly and in plain English;
126.96.36.199 explaining the financial implications and possible risks of acquiring the product; and
188.8.131.52 helping customers to choose the most appropriate product for their needs.
4.1.3 Be sympathetic when things go wrong and deal expeditiously with errors by:
184.108.40.206 correcting mistakes quickly;
220.127.116.11 handling complaints within a reasonable period of time;
18.104.22.168 cancelling any bank charges that were applied as a result of the bankís error.
4.2 Customers should:
4.2.1 Co-operate with financial institutions in the provision of personalinformation to facilitate the
conduct of proper due diligence by providing:
22.214.171.124 accurate information within a reasonable time upon request;
126.96.36.199 supporting documentation where necessary.
5.1 Bank Fees and Charges
Financial institutions in the ECCU should provide customers with details of any charges for the
day-to-day operations of their accounts.
5.1.1 Customers should be given, at the start of the business relationship and upon request, details of the day-to-day
charges which apply to their particular account.
5.1.2 An up-to-date list of all fees and charges should be publicly displayed in the banking hall and/or on the bankís
website for all customers and prospective customers of a financial institution.
5.1.3 If charges are increased or new charges introduced, customers should be personally informed at least 30 days prior
to the change being implemented, for example on monthly/quarterly account statements or otherwise.
5.1.4 Customers should be provided with details of any charges for using automated teller machines (ATM) whenever an ATM
card is issued or re-issued.
5.1.5 Information on all ATM transaction charges should be made available to customers either on- screen before they
proceed with a transaction or by displays in the ATM. The customer should also be informed of possible transaction
charges by the card issuer.
5.1.6 Charges levied for the use of ATMs should be clearly shown on the customerís account
5.2 Operating an Account
The following represents the minimum obligations of financial institutions for the operation
5.2.1 Customers should be informed of the current interest rates and the method of calculating interest
on their account before the account is opened. Where applicable, any changes should be disclosed
at least 30 days in advance to allow the customer sufficient time to make alternative arrangements,
if necessary before the introduction of the change.
5.2.2 For term deposit accounts, customers should be provided with complete deposit agreements which should,
at a minimum, provide details of the method of payment of interest, the treatment of the account at
maturity and penalties.
5.2.3 Where appropriate for the type of account, customers should be provided with regular (monthly/quarterly)
account statements to assist with the management of their accounts and the review of entries made to the
5.2.4 Where relevant, all account statements should include, at a minimum:
a) the current interest rate;
b) the varying rates charged on an outstanding balance, a transferred balance, new borrowings and cash
c) minimum monthly payment and payment due date;
d) transaction details, including cash advance.
5.2.5 Customers should be informed of the clearing cycle including when funds can be withdrawn after being
deposited to an account.
5.2.6 Financial institutions should keep original cheques or copies of transactions on customer accounts,
in accordance with the requirements of the anti-money laundering legislation and/or the Evidence Act for
the respective territory.
5.2.7 When a customer informs a commercial bank that a cheque book, passbook, ATM card, debit or credit card
has been lost or stolen, or that the security of an account may have been compromised in any way, the bank
should take immediate steps to prevent illegal usage.
The following represents the minimum obligations of customers with operating accounts at financial institutions:
5.2.8 Customers should inform financial institutions of changes to personal information as soon as possible.
Examples of changes in information include changes to name, physical address, mailing address, and contact
5.2.9 Customers should, within a reasonable time upon receipt, review account statements and alert financial
institutions of any discrepancies or irregularities as soon as possible.
5.3 Terms and Conditions of Products and Services
5.3.1 Customers who accept a product or service for the first time should be provided with details of all the
relevant terms and conditions of the product or service requested. Customers should be required to sign
at least one document, which comprehensively outlines all the terms and conditions relating to the product
or service of his/her choice, in agreement or acceptance of these terms and conditions. These terms and
conditions should be written in plain language with the use of legal or technical language, only where
5.3.2 The written terms and conditions should clearly state the customerís rights and responsibilities in relation
to the product or service selected.
5.3.3 Financial institutions should, where necessary, inform customers that they may seek independent legal advice
with regard to the terms and conditions being committed to.
5.3.4 Financial institutions reserve the right to change the terms and conditions, where applicable and inform
5.4 Foreign Exchange Services
Financial institutions should:
5.4.1 Provide customers with a full description of the service, as well as explanations of all foreign exchange
transactions charges and publicly display details of exchange rates;
5.4.2 Inform customers of the expected timeframe for the delivery of funds to the beneficiary; and
5.4.3 Inform customers of the original amount received and any charges applied whenever funds are transferred
to customersí accounts from abroad.
5.5.1 Financial institutions should adequately assess customersí ability to repay before increasing overdraft,
credit card limits or other borrowings so as not to financially overburden a customer. This assessment
should include a review of the customerís income, financial commitments and creditworthiness.
5.5.2 Financial institutions should provide timely and accurate disclosure of terms, costs, rights and
liabilities with regard to loan transactions. Each facility provided should specify at a minimum the
repayment terms, total amount of the loan, loan fees, interest rate, collateral, conditions of early
repayment and procedures if the customer fails or repeatedly fails to meet his/her obligations under the
5.6 Advertising and Marketing
5.6.1 In accordance with Section 25 (1) of the Banking Act, financial institutions should ensure that all
advertising and promotional material is not misleading.
6.0 PROTECTING CUSTOMER INFORMATION
6.1 Financial institutions should treat customer information as private and confidential (even when they are no
longer customers of the bank).
6.2 Financial institutions should not reveal the name, address or details about customer accounts to any third party,
except where the information is required by law and/or the customer requests this, in writing.
7.0 COMPLIANT HANDLING PROCEDURES
7.1 Financial institutions should inform prospective customers of the availability of procedures for handling
7.2 If a customer wishes to make a complaint, the financial institution should provide information on how this
can be done and the means of recourse if the customer is not pleased with the outcome.
7.3 Financial institutions should:
7.3.1 send a written acknowledgement, within five (5) working days of receiving a complaint;
7.3.2 write to the customer again, within four (4) weeks, with a final response or to explain the
reasons for not providing a response, if more time is required;
7.3.3 send a final response within eight (8) weeks and advise the customer of the procedures for taking the
complaint further if he/she is not satisfied with the outcome.
8.0 IMPLEMENTATION OF THE CODE OF BEST PRACTICE
8.1 Financial institutions agree to adopt the Code of Best Practice and inform their customers accordingly
through publication on the institutionís website, the use of brochures, flyers and/or any other appropriate
8.2 Financial institutions should provide a copy of the standard Code of Best Practice to all bank staff and
provide the necessary training to facilitate the implementation of the principles of the Code.
EASTERN CARIBBEAN CENTRAL BANK