Letters to the Editor: How do Bahamians benefit from foreign banks?

Letters to the Editor: How do Bahamians benefit from foreign banks?

Dear Editor,

How do Bahamians benefit from banks that pay no interest?

Why do we tolerate foreign banks that pay very little or no interest for the privilege of holding our money and using it to make themselves a profit, yet charge us for everything they can, as often as they possibly can?

A glance at my banking app shows that continue I pay a monthly ‘service fee’ (whatever that means) and an ABM fee, as well as VAT on all of these fees. However, since late last year, the bank has not been paying me any interest on my savings whatsoever.

As far as I can tell, the only service they provide is to themselves, when they take my savings and that of other Bahamians, to make their shareholders rich. And then if I apply for a car loan or a mortgage, the interest I am charged by the same bank is astronomical.

There is absolutely no reason to tolerate this truly unconscionable state of affairs. We have local banking options, and then there are member-owned credit unions that are happy to hold and help grow the earnings of Bahamians. As we move further into the 21st century, online banks and fintech companies have become safer and more popular.

As far as I am concerned, if a foreign entity is operating in the Bahamas in such a way that it not only doesn’t benefit the local population but actually causes us material harm, they don’t need to be here anymore.

Kind regards

D. Davis