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Is interest on deposits paid to companies required by law?

| 13/04/2016 | 2 Comments

Is there a law that requires companies to pay interest on deposits? I have provided CI$200 deposit to both Cable and Wireless (now Flow) and CUC and realise I only receive interest on deposit from CUC. I have never gotten any interest from Flow, only continual crappy service.


Auntie’s Answer: The quick answer is no, there is no law that requires companies to pay interest on deposits. I asked CUC why they paid interest and they confirmed that there was no legal obligation for them to do so.

A spokesperson said, “As a good corporate citizen and recognising that we hold deposits for a long time, customers do get interest on their deposits. This has been the case for quite some time and it is now included in our 2008 Transmission & Distribution license, Section 14, which you can find on our website.”

So there you have it.

 

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Comments (2)

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  1. Anonymous says:

    For information, Flow does pay interest on deposits held on account. This interest is refunded yearly as a credit to your phone bill at the end of Flows fiscal year. Don’t be so quick to bash Flow.

  2. Anonymous says:

    Flow will allow some banks to hold their deposits for you. As a result you may get interest from your bank with the deposit

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