Monday, 5 May 2014

A Warning About Seychelles

We all understand the need to be careful with our money. As such, we usually expect that our financial institutions will understand that basic fact of life as well. Unfortunately, the reality is that a bank is often only as secure as it needs to be. One would expect that professional ethics would result in banks being up front about the limitations on their security or accountability. Some are quite good about forming an honest relationship born of trust with their customers. Others will fold at the slightest hint of trouble and take anything and everything they can from a client's account. Of these, one of the least professional can be found in Seychelles.

Due to lack of regulation, the banks can and will get away with almost anything. If one expects their money to be safe there, they should think again. The legislation in Seychelles allows banks to perform actions that would be shocking in most other countries. For example, imagine if someone has a great deal of money stored within the banking system. It's obviously in the banks best interest to keep the cash sitting there and not moving out of their system and into general circulation. Most banks understand this, but attempt to keep money in the system by making the customer happy.

In Seychelles it's just as likely that a bank will use any excuse to freeze a customer's account and ensure the cash remains within their hands. Really, all it can take is an anonymous letter to get the ball rolling and act as plausible reasons for them to lock an account. Given that an anonymous letter could even come from people within the bank, it's pretty clear just how little protection they offer people who use their services. The ease with which they slip into stabbing a customer in the back for their own financial gain is rapidly making them the shame of the industry.

By joyyoj86, Yesterday, 06:18 AM

No comments:

Post a Comment