PHILIPSBURG--The Windward Islands Bank (WIB) has discontinued offering student accounts due to a number of factors, including misuse of the special accounts by students who deposit and conduct transactions outside the prescribed use of the account(s).
WIB General Managing Director Derek Downes informed Division Head of Study Financing Antonio Aventurin of the discontinuation in a letter dated May 23, 2022.
The letter stated that for the past 25 years WIB has offered the special account to assist students studying abroad and at the local University of St. Martin (USM). In assessing this special product over the years, the bank has been faced with several challenges. Among these challenges have been misuse of the special accounts by students who deposit and conduct transactions outside the prescribed use of the account, the letter read.
Other challenges listed in the letter were the government’s discontinuing to inform when students have graduated and no longer qualify for the special student account; and use being made of student accounts by adults who are no longer studying, for depositing of salaries and regular transactions.
“Given the challenges for the bank with the monitoring of accounts to ensure proper use and the ongoing misuse of the accounts, the bank has decided to discontinue offering the special student account effective immediately,” it was stated in the letter.
Regular chequing accounts will be offered for students. In addition, by July 1, all student accounts will be converted to regular accounts. WIB will maintain the special US $20 fee for the SWIFT transfer of scholarship funds to the respective universities.