THE BANKING SYSTEM IN THE BAHAMAS

As banking services in The Bahamas deteriorate, the Central Bank of The Bahamas does nothing.

The service by banks in The Bahamas is a constant concern of Bahamian consumers. The fact that most banks in The Bahamas are Canadian and the services that you get in Canada are not matched by the services that you get in The Bahamas is a constant concern. So get this, if you lose a credit card or debit card or if your card is hacked, good luck to you in getting the matter resolved in less than 30 days.  The first issue is getting someone on the phone. You ring these telephone lines.  The phones do not answer in The Bahamas .  They answer in Trinidad.  Then  you have to be lucky to get someone on the phone within a reasonable time.  Sometimes you may be hanging on for fifteen minutes or more waiting for a human person to answer the phone.  All the while transactions may be piling up on your card.  Then when you finally get them, they tell you it will take a week before they can send you a replacement card and it will be 30 days before you can get your money back.  This  is quite an annoyance. This complaint can be added to the others where they penalize you from going into the bank with cash.  They pay no interest on your money and they charge you for keeping your money in the bank.  The Central Bank of The Bahamas does nothing in response to the complaints.  There is no consumer group that is advocating on behalf of Bahamian consumers.  The Governments have done nothing.