Banking In Antigua Is A Disaster
OBSERVATION
There is an old saying, ‘Shoemaker’s children have no shoes’ it must follow that banker’s people have no satisfactory banking system.
Business persons in Antigua whose business requires international business procedure with the customer service and transparency that goes with it, are disillusioned with the failures of the indigenous banks to cope.
The abrupt move out of the Caribbean by the Canadian banks is cause for alarm, and maybe even unfair and breach of our social contract with Canada. Considering the banking mess that continues unchecked, as our former ‘penny bank’ ACB and our sophisticated ABIB Financial Group & Bank of Antigua of Stanford infamy are failing the clients of the former Canadian Banks.
Further, clients have been complaining over the past two years of money getting stuck in the system overseas because of the absence or the size of international corresponding banks being used by our indigenous banks and the one Off-shore Bank.
It is clear that the diverse global businesses which operate above ground and the unmentionables underground in Antigua are feeling the squeeze, as their money is standing in line outside the island, where an increased team of due diligence officers track funds bound for Antigua in these tumultuous financial times.
In normal times Antigua is under the microscope as it is surely flagged as a small island global player on the international stage of money movements, a reputation earned over many years and fully endorsed by the Stanford money-laundering ponzi covering 131 countries worldwide. Antigua’s reputation with Russian Off-shore companies and money was traced to Off-shore banks in Antigua has in times been headlined around the
Financial world making our beautiful island a pariah in the clean hands money sector.
At this crucial time in our local politics with an election on the board, business people are worried about getting money into Antigua and the politicians are beginning to be rattled at the thought of an election without big money.
There is no money on the island and no way of bringing in the money except under severe scrutiny to make sure no sanctioned money comes into Antigua. There are however other ways of bringing money into Antigua but that depends on ever watchful eyes.
Cognizant of the behaviour of bank officers in their communication with foreign banks, the business platform is becoming a nightmare as those banks tamper with the character of the client, by failing to be transparent and without bias in their dealings.
Small business which happen to have an international clientele are most at risk as the lower level bank clerks expose their local venom on clients and their accounts, knowing that complaints go unanswered in the indigenous banking sector.
Anyone who thought that ACB and ECAB could satisfy the needs of the former clients of the Canadian banks have failed to consider the political components of these indigenous banks, their staff and the politicians whom they serve.
Further, the disrespect meted out to local people by the Government Leaders and their locally placed officers in the banks, who have no sense of confidential and private banking, is the cause for new Banking Regulations and a rigorous effort to attract at least one international bank to Antigua
Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua!
We offer fully customizable and flexible digital marketing packages.
Contact us at [email protected]
Banking system sucks. It’s a pity that the options are so few.
The banking system in Antigua is stuck in the stone ages. You can’t pay at gas pumps with a debit or credit card on island. The actual banks are years behind other countries in terms of features and the ability to bank online thru the apps. OVERHAUL NEEDED
Not correct. Maybe if you say most don’t take it but there are gas stations which take cards for many many years now.
While I agree the banking system is outdated, this article said ALOT of NOTHING.
The fact you can’t paid with a card in a gas station is not about bank…is about WIOC and RUBIS that they want cash to avoid paid Card transactions fees..So please i have a MiniMart and I got a POS from a bank and is fine..thanks to that i sell more than before, even if i paid Bank fees, i can feel the benefits of groos sales increased significantly a lot.
Some gas stations accept debit and credit cards. Not picking up for the banks but I believe its up to the sevice station to apply for that service.
@Jamie wannabee Foxx: Paying at the pump is a customer using their card at the pump without the attendant being there. You would swipe your card at the pump and pump your own gas for the amount you so wishes. Which gas station in Antigua could you do that?
Not wanted by the gas station owners and frankly not needed at this point in time.
Decentralized currency is on the rise. Soon we will have no need for the current banking system. Your are right about one thing the European Union and the USA are bullying us out of existence. Time for us to bond with China and Russian.
@Wadad1. Obviously a Chinese propagandist spreading the usual absolute crap on behalf of the CCP take over agenda!
Very poor services when it comes to international transactions. The most annoying thing is that of incoming wire transactions whereby in most of the time taking longer time than it should to be process here, just because of nonsense reasons.
NB: William Joseph was spelled Williams Joseph
The banks cannot do any better when it comes to international money transfers since that is control western powers. You are either on the grey list or white list.
Let us be fair and balanced. It is on account of what it takes to have the system up and going and the manner we involve ourselves the system is shaped. To secure a sensitive system, honesty and integrity have to be exercised, but human behavior is not always as it should be. Our leaders of persuasion shatter the very thing they are to regulate coupled with the expectation of consumers who countenance breaches as being satisfactory, make the system oblong. Hoping you measure what happens with the weight of politics, professionalism and fairness.
I had no problem with the banking system last week.
What are you talking about?
Some anonymous writer just spewing a lot of garbage. Not worth for me to comment on. Not even one scientific argument. Just shoot from the hip and tie this tom politicians. And the haters will have their field day.
Comments are closed.