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Clarien to give higher savings rate to union members

Clarien Bank is offering union members a premium increase of one-eighth of one percent (0.125 percent) interest above published rates on its savings products.

The move comes following allegations about three weeks ago by an organisation called the People's Campaign that the actions of the Clarien Bank caused local families to lose their mortgages.

At the time, the bank said it was pursuing dialogue with the activist group. They refused to be drawn on the veracity of the claims at the time, and made no comment on the issue in yesterday's press release.

Bermuda Public Services Union president Jason Hayward had said in a press conference that Clarien Bank had opted not to honour previous mortgage benefits for staff members, which had led to employees defaulting on their mortgages and losing their homes.

A press release announcing the move said that Clarien “had recently confirmed engagement in significant dialogue with representatives of the People's Movement”.

The statement adds: “Further to that productive discussion, Clarien is offering Union members a premium increase of 1/8 of one percent (0.125 percent) interest over and above published interest rates on all term products not including promotional products of one month or higher, subject to other standard terms and conditions.

“Union members must produce valid union membership documentation to take advantage of this exclusive offer, which begins 30 June 2014.”

It added that interested parties should contact their Clarien relationship manager or visit a Clarien Bank branch in either Hamilton or Paget for account opening and terms.

Ian Truran, co-chief executive officer for Clarien Bank Ltd, stated: “We are pleased to able to work with the People's Movement to demonstrate our continued commitment to Bermuda and the recognised trade unions of Bermuda. Clarien Bank remains committed to Bermuda and financial success of all who live and work here.

“We thank the People's Movement for the highly informative discussion and look forward to continuing a positive working relationship with the organisation.”

Clarien Bank: To offer union members a slightly higher savings rate (Photo by Nicola Muirhead)

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Published June 26, 2014 at 4:30 pm (Updated June 26, 2014 at 4:37 pm)

Clarien to give higher savings rate to union members

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