Dear Editor,
I believe the Central Bank of Guyana is failing to regulate our banking system to properly serve all the people of our country. Editor, there were several stories right in these letter columns of complaints of backward and senselessness coming out of our banking system. I visited Republic Bank, Vreed-en-Hoop branch and took strong objection to what I referred to as harassment. Before I go further, let me say this, I am with this bank a very long time. I don’t know when last I went to this bank and left as a satisfied customer.
There are always long lists of requirements and the list only keeps getting longer. I went to the bank to renew my Visa card and I am just sick and tired of having to supply proof of address and TIN number over and over again. It seems like this bank is usurping the role of GRA. They are now asking for statements of income and detailed explanation of earnings, even if it’s five thousand ($5000) or ten thousand ($10,000) dollars transactions. They’re demanding explanations and even intruding on confidentiality and privacy of your business before any transactions. These regulations over time have become troubled and burdensome.
These complexities when examined closely, clearly denies the poor and ordinary-man an opportunity to start life with a small savings account. I shake my head in disbelief but quickly realized that maybe only God can help this country with the load of nonsense we put up with on a daily basis. It is no secret that thousands of Guyanese are squatting and hoping to legally get a house-lot one day. Are we going to deny them an opportunity to start a small savings account with the burden of proof of address? Those who rent houses and need their personal savings account are certainly dead in their boots. I am told for this very reason many are avoiding the banks, even at the risk of losing their lives to bandits.
Whatever our young people dream of, saving money for their future is a must. The hassle and a torment from our banks may be the biggest impediment which needs urgent attention. Bob Marley in one of his song revealed that the ‘biggest man was once a baby’. With Republic Bank’s regulations, no baby can turn a big man.
At this point, the government and the Central Bank have an urgent and important duty to look into these draconian regulations. These regulations are certainly dissuading our young people, and more particularly the poor, from the banking service. Even the rich may be forced to find alternatives to avoid the current hassle of our banks.
Sincerely,
C. Woolford.
