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Sep 4, 2018

National Bank Customer says 6 months of payments have disappeared

Former Employee of the National Bank of Belize is exposing irregularities at the financial institution that have left her in bad debt.  Katrina Young resigned from the National Bank of Belize in 2015.  During her tenure at the bank, Young successfully applied for two loans—one for her studies and another for a vehicle.  As an employee at the bank, Young benefited from the three percent staff interest rate or so she thought. When Young resigned, she relocated to Jamaica where she began making wire transfers to service her loan. On her return to Belize in December 2016, Young was told that she was in arrears of six thousand dollars which she says she paid in good faith. But in checking on her account, she discovered that the interest rate of her student loan was being charged at twelve percent.  Young woes were compounded when she was told that six months of her payments had vanished; the bank had no records of it. Her frustration grew when she was told the payments she was making towards the car loan had been diverted to service her student loan, leaving her in thousands of dollars in arrears. This morning, Young called the media the share her story.


Katrina Young, Former Employee, National Bank of Belize 

Katrina Young

“Upon resignation I have been trying to resolve some outstanding issues that I have been having with them. So I will try to narrow down all the events that took place over three and a half year period but I will be concise as possible. Upon leaving the bank I was informed that the bank has no records that I was approve to have a staff rate for my student loan. When I started to work at the bank I applied for my student loan to pay for my degree which I did in Jamaica. It was approved about eight months after. The staff rate was then approved by the Board of Directors. So I applied for the staff rate. Upon leaving they told me that they had no record that the staff rate was approved as an employee of the bank so I have to pay the market rate. Lucky for me, I had the evidence. I printed out a copy of the approval of the then assistant general manager and that is the only way they had no way but to adjust my loan at the bank. However, it only gets worse. For the period January 2015 to July 2015 they cannot locate six months of my payments while I was employed at the bank not by me but by the finance officer at the institution. So upon querying I said if you cannot find six months of my payments just check the HR records. They should be able to have it. They cannot locate the money. So they decided to take monies that I was sending to pay for both of my loans to apply it to that one loan to make up for those six months that they cannot find. Even though the monies that were deducted from my salary was equivalent to the staff rate when they applied the payments to my loan it was being applied at the market rate. So my student loan has always been in arrears. As of December 2015 when I resigned from the bank, all my accounts were up to date because if I had any outstanding balances they would have deducted or I would have to signed an agreement with someone saying that I have to pay. I did not know that the funds were missing until after I left the bank. I asked for a statement and when they provided me the statement it h ad the six months gap. So payments are just missing, from January 2015 to July 2015. No explanation.”

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