Letter to the Intercontinental Bank in Lebanon

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After the Intercontinental Bank imposed a commission on settlement accounts, the Depositors’ Union has sent the bank a warning indicating that the Union will file a complaint against it with the competent judicial authorities.

This is the content of the letter sent to the bank.

Attended the bank management of Intercontinental Bank in Lebanon S.A.L:

The blocking of deposits and the various practices of banks including your bank which have led to depositors losing more than 70% of their money by subjecting them to a status quo in violation of their rights constitutes a crime punishable by law.

This action follows our reception of a letter from your bank that was addressed to a company and concerned the lodgement of employee salaries. Your intention is to impose a commission of 5% on the global amount of salaries to be transferred to employee accounts. We demand your justification for this move as these commissions are not mentioned in the new account contracts. You are part of a klan that extorts depositors and defrauds them. In this case, while your action is directed against the employer whose deposits you are holding, it will ultimately affect the employees and their salaries. The same salaries whose value has already declined due to the banking and monetary crises. We must emphasize that the bank has no right to unilaterally amend a contract. Consent of both parties is required. Depositors’ Union strongly advises you to immediately stop this commission.

Failing this we will legally warn you and take all measures necessary against you, including the submission of a complaint to the banking supervisory committee. We will also inform the competent judicial authorities of your legal obligations.

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