Dear Editor,
I recently made the decision to remove my savings from the two main local banks. I did so because I believe inertia has set in within these institutions. They lack innovation, have failed to move with the times, and in some cases appear outright complacent.
I have banked with these institutions since 2012. For the first five years, I earned approximately $8,000 per month, with no mortgage, loans, or major expenses. From 2017, I started a business that performed well, and I made deposits averaging $20,000 to $30,000 per month. Again, I had no loans and no significant expenses as a single individual.
I also maintain accounts abroad—in Panama, Jamaica, and the United States—primarily for ease of payment from overseas clients.
I began to realise something was wrong over the past five years when my foreign banks started offering me services. For example, I was offered a US$150,000 loan for an apartment in one of those countries. Mind you, I am not a citizen. I declined the offer because the interest rate was too high, but that is beside the point. I was impressed by the offer and how easy the bank made it for me to access funding.
Another bank offered me a credit card with a limit that matched my regular savings. I accepted that offer because the rate was favourable, the card included travel benefits, and the bank required nothing more than my approval.
More recently, one of my foreign banks offered me a personal loan of US$17,000. Although I did not accept it because I did not need it, I found the offer compelling. I was impressed that the bank recognised and valued the relatively small amount of business I conduct with them.
That was the moment I realised I was wasting my time with the two local banks.
With them, I earn little to no meaningful interest on my savings. In contrast, my foreign banks take the initiative to reach out and offer relevant products and services.
Ironically, I have been reaching out to my local banks for these same services. I inquired about a credit card, but the application process was long, complicated, and required an excessive list of documents—even after more than a decade of banking with them. I inquired about a mortgage and received no response. I also asked about a personal loan for travel and, again, received no follow-up.
These institutions make banking unnecessarily complicated. They do not follow up, and they appear entirely complacent. One would think a client like me would be actively courted, but instead, they seem content to collect fees from routine transactions.
Additionally, contacting these banks is extremely difficult. Phone calls go unanswered, and emails receive no replies. This is unacceptable.
By comparison, I recently opened a US dollar account with one of my foreign banks entirely through their app in under three minutes. Another allows me to invest internationally with ease—I simply open an investment account through the app and transfer funds as I choose.
Banks in Antigua have become too comfortable. They no longer compete. None of them even offer Apple Pay compatibility, leaving customers operating in what feels like the technological dark ages.
The leadership of these institutions must also be questioned. Banking technology is evolving rapidly, yet we appear to be moving backwards. There is a clear need for innovation, fresh thinking, and leadership that understands modern banking.
Something needs to change.
DO BETTER!
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They have become “TOO COMFORTABLE” indeed.
Excellent article! The local banks needs to do better! They have nothing in way of innovative banking. Leaves a lot to be desired.
They only care about about the interest and nothing else thanks for writing.Local bank are getting to comfortable and need competition
I too have decided to remove my money from my local bank accounts and place it under my mattress.
Like the author of the recent letter, I have grown increasingly frustrated with the complacency and inertia that seem to have taken hold of our local banking institutions. For years, I trusted these banks with my hard-earned savings, expecting at least a reasonable level of service, innovation, and respect as a loyal customer. Instead, I have encountered slow responses, complicated procedures, and a lack of meaningful engagement or product offerings.
The contrast with foreign banks is stark. Where local banks require mountains of paperwork and offer little in return, foreign institutions proactively reach out with tailored financial products, streamlined digital services, and genuine customer care. They make banking convenient, accessible, and even rewarding. Meanwhile, our local banks seem stuck in the past, failing to embrace technology or customer-centric innovation.
I have witnessed firsthand how difficult it is to get even basic services like credit cards or personal loans locally, despite years of consistent banking history. Phone calls go unanswered, emails ignored, and inquiries left hanging. This is unacceptable in today’s fast-paced financial world.
By moving my funds out of the local banks and literally placing them under my mattress, I am making a statement: I will no longer tolerate complacency or neglect. Until our banks modernize, improve their customer service, and offer competitive products, they risk losing the trust and business of customers like me.
I urge the leadership of our local banks to wake up, innovate, and truly serve their customers. Otherwise, more people will follow my example, and the consequences will be severe.
CIBC for sure, no questions ask. They don’t ever answer phone calls or reply to emails, and their customer service sucks. No Apple Pay anywhere either is a struggle! Let’s all look to other banking channels
Well said writer. I noticed the same. You know how ignorant Antiguan and Barbuda banks are, ACB refused to issue me a bank draft from my own bank accounts unless you tell them what purpose you want the bank draft you requesting from your own bank account. I had no purpose and said I simply want the draft/money to be available in case I need it and issuing it to my second mother and they refused to issue it saying I must lie and make up a reason. This happened about 1 and a half month ago. I just simply needed her to have access to the money to do whatever I need or my mother need, if such need/want arises. They are some of the most dunces and unprofessional people I have ever met.
Anyway, I agree with you that they lack the skills to use the moneys in their bank to make more money by simply offering what customers need/want and customers can benefit from but also the bank benefit much more than simply having the large amount of cash you have sitting in their bank accounts.
They should be offering credit cards to students, student credit cards, (of at least $1000 or some other amount that is not so risky to the institution, it could be higher or lower).
There should be small and large business loans, especially in ideas that doesn’t exist on the Islands and that is wanted and or needed.
The banks should be focused a lot more on lending private individuals and businesses and not just the government of Antigua and Barbuda which I think is a lot riskier than private individuals.
I genuinely think that locals banks need to begin investing in Antiguans and Barbudans and even other individuals from the Caribbean who wants loans or investments for businesses they have in other countries that is successful or could be successful with proper finance.
I agree with the writer the best thing to do is to remove your money. I am calling on others to begin removing your money from banks in Antigua and Barbuda who does nothing that benefits you with your money. Also, do not vote for political parties that does nothing to encourage these local banks and financial institutions to be fair and live up to their “fiduciary” duty to you in protecting your money. Protecting your money also includes making it grow to its maximum potential based on professionalism.
I am curious…Having pulled your money where do you now bank? All of you talking about mattress banking living in a stone age. Irrespective of the banking services how can you conduct business internationally without a bank account?
This must be an article written tongue in cheek.
You’d think that folks would celebrate the fact that local banks are choosing to operate within their means to ensure long-term viability. We don’t have an economy built around a population of two to four millions people like Jamaica or Panama. So our local banks operate with much higher risk and therefore more red tape. By pulling the savings from local banks and moving it to other economies, the author is now contributing LESS to our local economy. And to be blunt, I have no interest in supporting any business operating locally that is gleefully advertising that they are boycotting local banks and hurting local economic growth while thriving from our patronage.