By Orville Williams
The Eastern Caribbean Amalgamated Bank’s (ECAB) purchase of Scotiabank’s Antigua and Barbuda operations two years ago was hailed as a resounding success for an indigenous bank, but two years on, a growing number of the bank’s customers are expressing disappointment, frustration and even anger with its provision of services.
On September 1, 2021, Scotiabank announced that it had “completed the previously announced sale of its banking operations in Antigua and Barbuda to the Eastern Caribbean Amalgamated Bank Limited (“ECAB”)”.
This came after a lengthy brouhaha over the bank’s sale, which included failed attempts by both the government and the bank itself to sell its operations to Trinidad and Tobago’s Republic Financial Holdings Limited (RFHL), and Prime Minister Gaston Browne’s insistence that local banks be given ‘first dibs’.
Soon after the sale was completed, ECAB kickstarted the integration process, through which all Scotiabank accounts would be moved onto ECAB’s platforms, ATMs would be converted, and now-former Scotiabank customers would utilise ECAB systems.
That integration has been shaky to say the least, with [mainly new] customers constantly complaining about issues like transaction delays, out-of-service ATMs and poor customer service. Other highly-publicised issues include network/point of sale (POS) disruptions, an ‘outdated online banking interface’ and confusion over international transactions.
“To be honest, I bank with ECAB by force, not by choice. I was a Scotiabank girl for years…not saying they didn’t have their problems, but nothing like this. It’s almost like I have to run behind [ECAB] to get my business done.
“It’s really laziness why I haven’t switched to another bank yet, and I guess a bit of nostalgia, but I’m getting fed up at this point”, *Stacy told our newsroom yesterday.
She was joined in her frustration by Golden Grove resident *Nyoka, who pointed to one experience that has been particularly jarring.
“I got overcharged by a couple hundred dollars at a restaurant, I reported it more than three weeks ago and I’m still waiting for a reimbursement or someone to tell me what the next step is.
“I’ve told people about that incident and they laugh at me saying I must have money to be waiting so long, but what else can I do?
“I’m sure going into the bank again would be another waste of time, so I’m just using my other cards and not risking it happening again while I wait to hear something”, she explained.
Earlier this year, long lines at its branches and an outpouring of complaints from customers – particularly about the wait time to receive new debit and credit cards – prompted the bank to issue updates and clarity on a number of issues. It must be said though, that some of the reported delays were caused by customers who waited until the last minute to apply for cards under the new system.
However, around this time last year, Prime Minister Gaston Browne had issued warnings to the bank, of which the government is a shareholder, to improve its operations and offer better service to both existing and prospective customers.
“ECAB’s service remains a problem and I would have held discussions with the manager about it…one of the Directors as well, and this is my public call for ECAB to step up on its service. If you need to employ more people, employ more people,” Browne said.
The PM also called out the bank for its efforts, or lack thereof, to properly interpret and apply controls under the Anti-Money Laundering/Combatting the Financing of Terrorism (AML/CFT) framework, while promoting ease of business.
“I know of a situation, for example, in which someone wanted an appointment to establish a corporate account and that person was told they can only have an appointment at the end of October. We’re in the first of September, what kind of foolishness is that?
“So, I am saying, to all the banks for that matter, that that kind of service cannot advance this country…we expect to have managers who are proactive and managers who are sensitive to the needs of our people”, Browne lamented.
Despite the struggles being faced by some of its customers, ECAB still has the support of many – including Kevin Michael of Five Islands – who have chalked the issues up to ‘teething pains’, following the Scotiabank acquisition.
Michael told Observer though, that while he is hoping for the bank to get over these hurdles and succeed, he acknowledges that patience is running thin for many like him.
“I’m not knocking ECAB because I’m truly proud of where it has reached as an indigenous bank, but they really need to improve their service offerings quickly.
“Not everybody has the freedom and security to ‘look at the bigger picture’ – in terms of what the bank has achieved – some people just need to be able to withdraw their salary or make an important payment to get them through to the next day.
“If those people, who are some of the most vulnerable, are not able to utilize the bank for those simple functions, then some more serious questions are going to be asked – did they bite off more than they can chew with the Scotiabank purchase? Let’s see.”
Efforts to contact ECAB’s manager for comment on the sustained complaints have been unsuccessful to date.
*Names changed to maintain anonymity.