The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Bimini businesses are “up in arms” over Royal Bank of Canada’s (RBC) decision to close the only bank branch on the island, one telling Tribune Business: “It’s going to be very hard for us”.

Lorrick Roberts, owner of Dolphin Golf Cart Rentals, said: “It is very scary. Being a businessman I can’t run my business with a bank that is off the island.

“There are bunch of things you have to physically deal with when you’re running business. You have people that don’t have an ATM card or know how to use one. We’re hoping someone picks up the slack before they leave.”

He added: “We need something here other than Bank of the Bahamas. How could we do our banking in Freeport? This is going to be really hard. We hope someone else can come in before they leave and we can take our money out. It’s hard and everyone is asking the same question: what do we do now? Eighty-per cent of the funds going into Royal Bank here is US.”

Another business owner told Tribune Business: “How are business owners expected to function? Employees need to cash their cheques and business owners have to deposit their cash. This is not going to be easy, and it’s only making it difficult for people doing business. Banking is a necessity and I don’t see this playing out well.”

RBC, which acts as the Government’s banker, unveiled plans to close four branches; Bimini and Spanish Wells, as well as its locations at Lynden Pindling International Airport (LPIA) in Nassau and Treasure Cay, last week.

RBC told Tribune Business that all four branches will be consolidated with remaining locations, starting with the Treasure Cay branch, which will be merged with Marsh Harbour on April 7, 2017.

That will be followed by the LPIA branch’s consolidation with RBC’s Cable Beach operation on May 19, with the Bimini and Spanish Wells locations to be merged with Freeport and Harbour Island, respectively, on May 26 and June 23.

Referring to the Spanish Wells closure, Theo Neilly, MP for North Eleuthera, said: “It is very sad. It will mean that it will be even more difficult doing business. Persons will now have to take a ferry to do personal banking.

“I think it will be harder on the older persons, who are mostly on a fixed, limited income, now having to pay for a ferry and a taxi to pay bills and do banking.

“In some cases, persons will now have to take two ferries. For example, those living in Spanish Wells will have to take a ferry to the mainland in most cases, get a taxi on the mainland to go to the island dock, and then take yet another ferry to get to Harbour Island. This is very sad news for the people of Spanish well and North Eleuthera in general.”