It’s official. RTC can now surely confirm that Hallmark Trust Ltd.’s card service has been interrupted by MasterCard.
In a press release from the TCI Financial Services Commission (FSC), it was confirmed that Hallmark Trust’s services have been discontinued for the time being.
This official confirmation follows widespread speculation yesterday, Wednesday, October 31st, 2018, when rumors began swirling that Hallmark Trust Ltd. may be closing its doors in the TCI and that account holders should remove their funds immediately.
It was alleged in public forums that this closure was the result of an FSC investigation.
Yesterday, reliable sources at the FSC told RTC that this notion of their involvement in the closure was false and if Hallmark Trust services were to be interrupted, it would be the decision of MasterCard, of which Hallmark Trust is a principal member.
We now know this scenario to be true following the release of the official press statement in which the FSC also confirmed that they are aware of the suspension and they are working with Hallmark Trust to address the disruption of services and to ensure the protection of cardholders’ funds.
Hallmark Trust Ltd. is a registered and licensed trust company based in the Turks and Caicos Islands. Hallmark is also a principal member of MasterCard Worldwide. Hallmark Trust Ltd. issues the Compass Prepaid Mastercard which is used widely by TCI residents.
Further guidance will be provided to cardholders on this matter in the coming days. RTC will keep you updated as more details become available.
Source: Allie Capron (RTC News)
