EDITORIAL: More bank frustrations, and more talk

EARLIER this year, we wrote in this space about the troubles many Bahamians experience with access to banking facilities – things are not getting any easier, it seems.

Back in March, Sir Franklyn Wilson had talked about the red tape and bureaucracy that get in the way before a decision even gets to be made on bank accounts.

He said: “The problem is they keep asking for more documents… the point is it’s the process of getting to the point where they say they have all the documents. They need this, they need a utility bill, they need so many things.”

He added: “A company I’m involved with, we employed a new senior executive, and just to get permission for him to sign the account took forever and ever. Just to add a signatory to the bank account, it went on and on. It’s crazy.”

This came as a claim was made that 99 percent of new bank account applications are approved – often “in less than a week”.

There was some skepticism about that – mainly noting that perhaps the decision only takes a week but it takes such a long time wading through paperwork and requirements before you get to the point of that decision.

PLP chairman and Minister of Foreign Affairs Fred Mitchell had his own choice words on the issue, saying of the claim about 99 percent of account applications being approved: “When you read the details, it said approval within six months. Problem is, we don’t need the account within six months. We need it on the day we walk into the bank.”

In today’s Tribune, we report on continued concerns over a drastic reduction in banking hours on Andros.

Local MP Leon Lundy and Economic Affairs Minister Michael Halkitis are to meet Bank of The Bahamas officials to discuss those concerns.

The bank’s operations at its Kemp’s Bay branch have been reduced to just one day a week. Over at Mangrove Cay, it is four days a week. Mr Lundy has a point when he questions the logic of that – when Mangrove Cay serves about half the number of residents that Kemp’s Bay has.

Add to that a malfunctioning ATM and it is fair to say that residents are experiencing plenty of frustration.

Suffice to say that whether it is in New Providence or out in the Family Islands, there continues to be plenty of annoyance at the lack of timely banking services.

Back in March in this column, we questioned whether there might be a legislative solution – but there seems little sign of that. Talks and politicians asking questions are one thing, but this administration has an ample majority should it wish to do something more substantial.

It has not, as yet. As we feel the ticking of the clock towards an election, the question is will residents feel any change by the time it is time to vote, or will it all be just talk?

 

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