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Scotia Withdrawals Limit Sparks Calls For Intervention

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

AN advocacy group is blasting what it describes as a “disconnect” between the Canadian commercial banks and the needs of their customers, while urging the Central Bank to facilitate a system which addresses the needs of both sides.

Dr Denotrah Archer-Cartwright, lead organiser of Citizens Against Bank Exploitation (CABE) told Tribune Business the group has long advocated for an impartial committee to address the needs of bank customers.

“We have the Central Bank that is supposed to be regulating the banking system but doesn’t look at the needs of the people in the country. They are regulating through a lens of what the banks need to survive rather than how they need to behave in this climate,” said Dr Archer-Cartwright.

Her comments come as Scotia Bank will today implement a policy under which tellers will only be able to process withdrawals exceeding $1500 with customers having cash requests for $1500 or less to be directed to an ATM. The move has caused some to question if any consideration was given to the elderly who may not be familiar with the use of ATMs.

“What you have is this disconnect between the banking system and the Bahamian people where you wake up one day and you have these drastic changes,” said Dr Archer-Cartwright.

“We have asked for some time for a board or committee that is gong to be impartial and look at the concerns of the consumers as well. We need more dialogue between the consumers and the banks. We need Central Bank to stand and decide if they are there to just keep the banks going or create a banking system that works for both for the Bahamian consumers and the banks.

“All of the things the banks have done including this could have been dealt with much better. We have elderly who do not use or know how to use the ATM. There’s just a lack of communication and there needs to be more respect shown to the Bahamian people in the way the handle policy changes.”

Comments

BahamasForBahamians 1 month, 2 weeks ago

The bank is in business to make money.. Not care for the elderly or any subset of society.

Corporate social responsibility is good.. but not mandatory.

Additionally, Scotia's services are optional. If you're not satisfied with the level of services, seek other options.... but to demand government get involved in private business affairs is a part of the reason we are in a debacle today.

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ohdrap4 1 month, 2 weeks ago

I have a solution.

If you put a sign on top of the ATM that says: SLOT MACHINE, 50 DOLLARS FAST CASH. That granny will learn how to use the ATM faster than you can say peter pumpkin eater.

But, no worries, granny will be using that digital currency in 30 months.

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HonestTruth 1 month, 2 weeks ago

Not related to this article, but who sets up all these organizations and advocacy groups?

Citizens Against Bank Exploitation....? Every damn week the tribune or guardian is reaching out for commentary from these fly by night groups. When will this crap end...

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realitycheck242 1 month, 2 weeks ago

They could set up a zillion of them ..just ensure they are "non-profit organization" (NGO's)

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realitycheck242 1 month, 2 weeks ago

Bad policy change...now the ATM line will be around the block

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ohdrap4 1 month, 2 weeks ago

it was already, when i last visited a nassau branch in early july, and only one of two were working.

however in other countries, the banks offer many more atms than in the bahamas. whole rows of them.

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mandela 1 month, 2 weeks ago

Bahamas for all and everything FOREIGN

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proudloudandfnm 1 month, 2 weeks ago

So if I have 29 grand in my account I can only withdraw up to 1500 a day????

How is that legal? That is my money, if I need to withdraw 8 grand how can they tell me no?

That is a form of theft. It has to be illegal.

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Dawes 1 month, 2 weeks ago

No if you want $1,500 or less you should use the ATM. If you want more (like the $8,000 you mention) then you go to the teller. They are just trying to force people to not use the tellers as much so they can downsize staff more. Mind you i try to make sure i never have to visit the teller as the lines are so long

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Sickened 1 month, 2 weeks ago

My card is set to a maximum daily withdrawal of $1,000 so if I need between $1,000 and $1,500 I guess I will have to either do it over 2 days or change the limit on my card. Maybe I'll just withdraw $1,500 from the teller and then ask the teller to deposit the balance I didn't need.

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ohdrap4 1 month, 2 weeks ago

they increased the card limit to 1,500 at scotia.

at rbc any wire transfer less than 5,000 has to be made online, but you need to go to the teller for more than 5,000.

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