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.
@Eld- I think you’re misssing the point.
The author said he/ she have been banking locay for years. The banks know your patterns and your capacity which is why those international banks could try to court them with appropriate products.
Here in Antigua now, a bank will see your financial capacity, hold your money from month to month and still ask you to show up with a million documents when you already bank with them and they’ve been seeing your deposits. Smh.
And it would only open up opportunities by facilitating Apple Pay.
@Eld, that is the dunces thing I have ever heard. This is why no one is pushing the country to achieve better. Why on earth would you sit there and not motivate the banks to do the best they can do for you as a customer and for themself as a financial institution. You really have no motivation and push?
Look at my previous post and ideas mentioned that is tremendously low risk. Are you agreeing that majority of Antiguans and Barbudans are so incompetent that the local banks can’t do more to invest/loan locals? No matter the size of the population?
What does population size have to do with creating more opportunities with substantially low risk for locals (the available and qualified)? Even if the population of the country is just 2 people. How does size matter pertaining to providing more financial services and options?
@ Eld.
Love this response.
I agree that our local banks have forgotten “Old school banking”, but your response just hit the nail on the head.
I love those of you under here making excuses for the inefficiencies in those banks. This is exactly why improvements aren’t a priority. These same people sit as board of directors on banks. While the banks are looking for their pockets we are catching hell over here. They need to go
I blame the Eastern Caribbean Central Bank and the Ministers of Finance of all OECS countries for allowing the banks to treat us as less than human. PM Gaston Browne has spoken about some of these issues but he seems to be a lone voice and cannot act alone since we are under the EC dollar umbrella. But better must come. Or invite other banks to open in Antigua and give the 3 we have real competition. I said 3 as I do not count CUB.
There needs to be a complete overhaul of the way banking is done in Antigua. Just image a check still takes 2 days to clear. An EFT take 24 hours to send. What the OLD members of the board and the foreign bank managers don’t realize is that we travel and we know what banking should be. This is NOT it. We want to open a bank account online, we want to scan a chip on the check and it is cleared, we want to be able to pay with our phones, we DO NOT want to come into your banks. We want our PayPal deposits to hit out account directly. If you don’t have a friend in Antigua bank you forked! They sit on their high horses in the bank with their elitist mentality. You right to move you money because having it there does not benefit you in anyway. Banking gone to the dogs especially ACB. The love to see our beautiful faces standing in bank lines for hours.
From my in-depth observation time after time, the primary problem with these local banks in The Nation of Antigua & Barbuda is that they are sadly lacking in sound management leadership who truly have the know-how and humanitarian skills to be able to motivate the staff to render consistent top-notch services whilst simultaneously granting staff the impetus for self-improvement, qualities crucial for the growth and prosperity of any business.Just having a bunch of degrees without sound common sense & vision really cannot make any considerable positive impact, and if one is not able to lead by example, then what business does one have trying to lead anyone, let alone a company? Not to mention the complacency disposition that is now running rampant throughout the local banking industry, but, as the expression goes “Time will tell” for they are boxing bread out of their own mouth and don’t even realize it, yet.
They will tired use international regulations as a cover-up for their laziness and inefficiencies. Thanks to Gaston they have a lot of our money. They invest our money and still hit us with fees while giving us 0.5 percent back on our savings. Banks must work for the people and help advance the economy.
Not even tellers they want to hire, just have us standing in line and setting appointments for things we can do online.
Reluctantly I have to agree that our local banks need to step up. I find for eg ACB has policies in place that (enslave) take advantage of especially working class persons. One example is their policy where they penalize you if you make a early mortgage payment This to my mind goes against the spirit of why this bank was setup in the first place. Its near impossible to contact especially ACB (Not Ecab). I have had to resort to contacting friends in management in order to get ACB’s attention. Secure messages via the banks online platform stay unnoticed for weeks. Voice messages are never responded to. Then there are the bottlenecks it places to get simple things done that make no sense (its draconian requirements for signatories) Miss Charles the GM, needs to be fired. Why I highlight this bank more is because I have more interest in seeing it do better since I am a share holder since birth.
Call names. The banks are really overdoing it at this point. No follow-ups, poor service, and no feeling of satisfaction when you do business. It’s almost like you’re begging them to give you business. I’m thinking about buying a safe and saving on my own as well. These local banks are slow and bad.
Sorry to be so blunt but the banks here are really full of shit, I realize the writer is talking about a bigger issue but most of the times their even ATM machines are a nightmare
You said EVERYTHING I have been feeling for years. I have been with one of those same banks since I was young and I can’t remember the last time they did anything for me besides charge me fees.
I went in about a mortgage must be two years ago. The lady smiled, handed me a form and said somebody would call me back. I am still waiting.
Really, we are not asking for much. Just treat us like we matter. Pick up the phone. Offer us something useful once in a while.
Not all hope is lost. I saw the PM use that new app ClicCash not too long ago and I opened an account. I know it is not a bank but it felt like somebody actually sat down and thought about how we ANTIGUAN people handle money. No joke, 5 minutes and I was in. Instant transactions and top-up too.
These big banks have had our loyalty for decades and this is the best they can do? No innovation, no proactive service, and you cannot even get them on the phone. Collecting our money since WE BORN and rather have small companies popping up with better solutions.
It is long overdue that people start saying this out loud.
Yep banks here in Antigua 🇦🇬 sucks and behind time in technology
CUB needs an app for online banking and its loan fees&charges are high in my opinion
ACB is annoying on many levels
However, for all those other territories mentioned in the letter, where financial entities are lending without hesitation, please read the fine print. They are / might be loansharks
Im sure that Sagicor can invest your money for you dearie
Please dont spend it in the carnal sea
If I have to stand on a walkway or pathway in rain to get my money, I am not going to get no money. Creditcard-accepting only establishments until the coast is clear, 2days or 7days after .But sure bet next abst-free weekend, I going harney and buying my dream jeep!
Whoever wrote saying where will we keep our money, we will show you. Besides money has no value in the bank!!!! THE VERY NERVE
This is an excellent article and something I have trying to tell Antiguans for a while. Banks need your money for them to make money. Essentially a bank cannot exist without you. However, Antiguan Banks seem to believe it’s the opposite. That we need them so they can treat us anyway, any how. I once had a run in with ECAB because I was traveling and couldn’t make any payments with my card on the trip. I wrote them a frustrated email explaining that if your systems are down let your customers know so we don’t get embarrassed when trying to use our cards. In the email, I also highlighted several other issues like the fact I have been waiting 2 years for a new debit card. They asked to have a phone call with me while I was still traveling. I am thinking, they are gonna rectify the issues I mentioned. The call was to tell me that my tone was unacceptable. hahaha, I kindly said thanks for your call and I proceeded to pay off a loan I had with them and now my accounts with them are closed. The loan mentioned above that I had with ECAB, I went to several banks in Antigua to shop for the best interest rate. When I went to ACB they offered me a rate that was twice as high as any other bank I went to. When I asked why, the loan officer said The bank must pay her too, she Needs to eat, so you know I closed that account too. Banks are supposed to improve quality of life/make life easier financially. But Antiguan banks are there to suck the life out of poor Antiguans and they are allowed to do so because we don’t fight back. take back your power, don’t let them deal with you any old how, when they are the ones that need you.
I miss the Canadian banks that were here until recently 😢
A little good competition went a long way.
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