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Idle money ‘not lost’

Dawne Parris

Idle money ‘not lost’

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Individuals, businesses and groups with close to a million dollars sitting idle in CIBC FirstCaribbean International Bank accounts can still access the cash even after it’s handed over to the Central Bank of Barbados.
Although they have already been cautioned that the more than $830 000 and contents of safety deposit boxes will be transferred to the Central Bank if not claimed within a 90-day period ending in March, there are provisions for them to recover their funds, according to corporate communications specialist with the Central Bank, Novalene Brewster.
She said claimants would have to go through CIBC FirstCaribbean, providing valid identification to that financial institution, in order to get their hands on their money again.
“Once the bank is satisfied that person is the depositor or account-holder, the bank would reimburse the individual and the Central Bank would then reimburse the bank,” she explained.
Read the full story in today’s SUNDAY SUN.