Lt. Gov. Francis Advises Public of Changes to Local Banking Laws

Lt. Gov. Gregory R. Francis, chairman of the Virgin Islands Banking Board and the territory’s Commissioner of Insurance, is advising Virgin Islands’ consumers of the enactment of local banking laws, which will make it easier to cash certain checks issued by the local and federal government, according to a press release issued Wednesday by the Office of the Lieutenant Governor.
Act No. 7325, which was signed into law earlier this month, requires financial institutions doing business in the territory to cash any properly endorsed check issued by the Government Employees Retirement System and any Social Security check issued by the U.S. Government, regardless of whether the check holder has an account with the bank. The check payee must present two government issued photo identifications.
Anyone continuing to experiencing challenges cashing their government issued checks is encouraged to file a complaint against the financial institution with the Division of Banking and Insurance. For more information or assistance, contact the Division at 774-7166 for the St. Thomas-St. John district or 773-6459 on St. Croix.
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