MOHAWK COUNCIL OF AKWESASNE CONTINUES EFFORTS TO HELP COMMUNITY MEMBERS RESPOND TO BANK OF MONTREAL LETTERS
Affected Customers Have until July 30th to Transfer Funds
Ohiarihkó:wa / July 15, 2010
AKWESASNE MOHAWK TERRITORY– The Mohawk Council of Akwesasne is continuing efforts to clarify the recent letters issued by the Bank of Montreal in regards to some accounts belonging to community members. The MCA wants to assure the community that the Bank of Montreal’s Peace Tree branch is staying open and that the bank’s actions are being targeted on a small number of accounts.
“This is good news to individual community members that depend on the bank for their personal savings and to pay household bills,” stated Grand Chief Mike Mitchell. He added, “This is not reassuring for those businesses in Akwesasne that have received letters from the Bank of Montreal instructing them to withdraw all of their funds.”
The Bank of Montreal explained that due to regulatory changes in the financial industry, cash deposits have been limited to no more than$10,000 per day. According to the bank, one half of one percent (.5%) of the nearly 3,000 individual accounts with the Bank of Montreal is affected. Customers whose accounts have been impacted were already issued letters from the bank indicating the change, or that their accounts are being closed.
To assist Mohawk businesses and individuals, the MCA has requested an extension from the Bank of Montreal for affected customer to withdraw funds from their accounts. The MCA explained that since the bank gave no prior notice or explanation to its clients, consideration needs to be given to those impacted by the bank’s sudden action. As a result, affected customers will have until July 30th to make arrangements and transfer their funds to another bank.
In the meantime, the Mohawk Council of Akwesasne is continuing to explore all options to assist affected community members in dealing with the bank’s actions. Mohawk businesses and individuals, whose accounts have been impacted, can continue to deliver copies of letters to the Mohawk Government Office at MCA’s Administration Building #2 in Kanatakon. Information can also be emailed to mohawkgovernment@akwesasne.ca or faxed to (613) 575-2884.
