By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Bank of The Bahamas (BOB) is set to return to the island of Bimini later this month as but residents still fear the absence of a bank on the island would encourage crime and negatively impact commerce.
One local businessman told Tribune Business after Royal Bank of Canada’s pull-out on August 2 left the island with no banking institution the island needed a bank ‘like yesterday”,.
Bank of The Bahamas, which is majority owned by the Government, confirmed in an advertisement last week that it would be opening a branch in Alice Town Bimini on August 21 but this hasn’t satisfied residents and traders.
Lorrick Roberts, owner of Dolphin Cart Rentals, told Tribune Business: “RBC closed the doors, moved all the ATMs and that’s it, we don’t have a bank. As a businessman it’s scary.
“Most of us handle cash and there is no place to put it. There are security concerns. This is the situation that we are in now and I understand the government is trying to get BOB in here. They come every week signing up people but we have no way to do deposits. The community is up in arms that this was allowed to happen. We need a bank in here like yesterday. It’s a really sad situation.”
The Royal Bank of Canada closed its operations in Bimini last Wednesday, ending more than 50 years of banking services on the island. The institution informed its customers in July by public notice that it was closing the branch in Bimini and the bank would be merging the branch with the RBC Freeport branch on August 2.
Ashley Sanders, the Dolphin House’s owner and operator, told Tribune Business: “We need another bank here right away. You can’t live in these modern times and not have access to a bank in a growing place like Bimini. Not having a bank is inconvenient not only for visitors but residents. It’s a shame that it got to this point, it’s a public disgrace.
“I think this situation is encouraging robbery as well as breaking and entering. People know that if there is no bank they have to keep their money at home and that is living dangerously. We have people working here, a Hilton hotel, direct flights from New York, a ferry coming here and no bank, it’s ridiculous.”
Comments
DonAnthony 6 years, 8 months ago
This problem of lesser developed islands being left bereft of a bank can be solved in short order. We simply need regulators who put the public good above a bank's profitability. There are eight commercial banks in the Bahamas, simply pass regulation making it a condition of each bank's license that they must have a branch in one of the designated lesser developed islands. These could be determined by the central bank and would ensure that at least 8 of them would have access to the necessary banking facilities. Commonwealth Bank and fidelity bank are at record levels of profitability, all banks as good corporate citizens should welcome this opportunity to serve the public good.
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