BVI Bank Association Warns Merchants Against Card Transaction Violations

As the festive season brings increased consumer activity, the British Virgin Islands Bank Association (BVIBA) has issued a stern reminder to merchants across the territory regarding compliance with card transaction policies.

The association warns that imposing minimum spending requirements or charging additional fees for card payments is not only against their merchant agreements but also violates regulations established by major payment networks, VISA and Mastercard.

The advisory, issued on Wednesday, December 18, warns that merchants engaging in these practices are in breach of their contractual obligations with their respective financial institutions. “We request that all merchants immediately cease these practices to ensure compliance,” the statement read.

The BVIBA comprises several prominent financial institutions, including Bank of Asia (BVI) Limited, CIBC Caribbean, FirstBank PR, National Bank of the Virgin Islands, Popular, Republic Bank (BVI) Limited, and VP Bank (BVI) Limited.

For inquiries or guidance on compliance, the BVIBA advises merchants to contact their respective banks promptly.