USVI banking regulator raises ATM fee ceiling to $4

The Banking Board of the US Virgin Islands has raised the fee cap for non-bank ATM operators to $4 per transaction, marking a 50-cent increase from the previous limit.

The decision came during a two-day gathering on September 15, 16, presided over by Lieutenant Governor Tregenza Roach in his capacity as board chairman. The vote was unanimous. Individual operators retain the discretion to charge less than the new maximum.

"Non-Bank ATM operators in the United States Virgin Islands are now allowed to charge a maximum fee of $4.00 per transaction, which represents a.50 cent increase. However, it is in the operator's discretion to charge a lower fee," the board stated.

During the same session, Banco Popular disclosed plans to shutter its branch in Frederiksted near Sunshine Mall on St. Croix. The bank cited falling transaction activity, declining profitability, and mounting security concerns at the location. To mitigate disruption to residents, Banco Popular will relocate staff and operations to its new Sunny Isle branch and install an offsite smart ATM within two miles of the Sunshine Mall site.

Board members raised worries about the branch closure's consequences for Frederiksted residents, particularly elderly customers. After thorough examination, the board accepted the closure notice, which takes effect 90 days following formal notification to stakeholders.

Executives from Bank of St. Croix, First Bank, Merchants Commercial Bank, Oriental Bank, and the Economic Development Bank each presented updates on their operations. Four institutions. Banco Popular de Puerto Rico, FirstBank, Oriental Bank, and Merchant's Bank, disclosed their participation in the Economic Development Authority's VI Slice Moderate Income Homeownership Program, offering conventional, FHA, VA, and USDA loan products.

The board also unanimously approved renewal of American Venture Capital Bank's license as an International Financial Services Entity. The bank has held a license in the territory since December 30, 2014, and focuses on commercial and consumer lending, venture capital financing, and financial support services.