CHARLOTTE AMALIE — FirstBank Virgin Islands is being sued by a Paradise Point tram operator who claims the bank deducted excessive credit card fees from its corporate account.
In a lawsuit filed in District Court on Thursday, Tramway Properties Inc. alleges that FirstBank has been overcharging for credit card transactions for at least 10 years, in some instances more than 10 times the stipulated amount of 20 cents per transaction.
Over the years, the total amount Tramway says it has been overcharged exceeds $130,000, the company’s lawyers claim. It was not until late June 2023 when Tramway says it discovered the overcharges, and not until September of that year when the company traced the issue to FirstBank.
In October 2023, Tramway says it informed FirstBank of the issue, and requested reimbursement. “Despite acknowledging that it had, in fact, overcharged Tramway, FirstBank has refused to return Tramway’s money,” the civil complaint alleges.
The bank reportedly told Tramway that it was too late to recover any money, as according to bank policy, overcharges must be identified and claimed within 30 days of the charge occurring.
Although FirstBank is now charging Tramway correctly, the skyride operator says that the previous overcharges were a breach of the credit card merchant agreement between FirstBank and Tramway. It is seeking findings of breach of contract, breach of good faith and fair dealing, and unjust enrichment, and is asking the court to assess compensatory, incidental, consequential, and punitive damages, as well as costs and interest.
FirstBank hasn’t filed a response as of yet.