NEVER OPEN AN ACCOUNT IN ANY BANK WITHOUT FIRST CONDUCTING DUE DILIGENCE

Yesterday, I received this huge marketing email from HAMILTON RESERVE BANK, detailing the bank's many services. The bank's global correspondents are all prominent international financial institutions, and if I was not well informed about the multiple lawsuits pending against the bank by depositors, alleging that they were getting excuses and delays from staff when they attempted to make withdrawals in the ordinary course of business, I could entertain opening an account. In truth and in fact, some of these individuals have millions of dollars on deposit at Hamilton, yet assert that they access their money, in civil suits and claims made by their representatives. What's wrong with this picture?

I am forever fascinated when I see that affluent individuals, who would never attempt real estate purchases, or the acquisition of ongoing businesses, choose to dive right into a new banking relationship, without have a competent professional conduct a due diligence inquiry into pending and threatened litigation, issues with regulators, possible negative information in the financial press, pending criminal investigation, labor problems, whistleblower complaints, and possible fiscal solvency issues. To do any less, and then to be taken in by glossy advertising or promotions, is no less than negligence. Litigation information in most jurisdictions has gone digital, and is available online, either free or for a token cost. Most media is also online, as are regulatory reports and financial news. And does the local court system follow the Rule of Law, or is it corrupt and subject to external pressure?

So why do individuals who know better, give in to temptation, or a clever marketing campaign, touting bank secrecy and stability, and send their wealth offshore, without a check on the destination, and who is behind it?