As a proponent of overdue banking reform I am encouraged by the rumblings in powerful institutions like the Chaguanas and Couva/Pt. Lisas Chambers respectively on the deplorable state of our banking. But as one newspaper columnist readily admits, his June column on similar concerns drew little reaction and I humbly opine that bashing local banks will continue to draw no action whatsoever, even with the placid reverberations of our Chambers since our powerful banking behemoths run by the utmost arrogant and infallible of entrepreneurs see themselves as "fit and proper" to quote them, trading in a commodity needed by all facets of a society grossly devoid of consumer education, regulations and protection while enjoying the virtual tacit approval of a fraternal regulator in offering shamelessly long banking lines via undermanned teller booths while the combined profits of local banks surpasses $7 Billion annually as they constantly prey upon our overly tolerant population.
Consumers concerns are not only limited to predatory fees and charges, but the behind the scenes machinations, the misfeasance, malfeasance, the malevolence of our local arrogant so-called bankers engrossed in their colonial trappings, and the blatant abuses executed on our consumers. In this day of modern banking why are we still holding on to "Crossed cheques" wherein consumers are denied immediate access to their funds, forced to wait five working days for "release" when any cheque deposited today hits the paying bank the very next day.
The appalling level of banking services offered Trinidadians by Trinidadians running Canadian and other banks would never be tolerated by Canadian consumers, Canadian Citizens, the Canadian Government, or the Canadian Central Bank. PERIOD! With a population of 36 million, Canada only requires one ID as does America with 370 million. Our local banking culture is one of inherent mistrust of the very consumer banks inevitably depend on for their billion dollar profits which by demographics are far more lucrative here due to the lackadaisical and overly tolerant nature of our people and the ineptness of our regulators.
Gas stations provide an indispensable service to our nation yet absolutely no Government agency, no Central bank came to their defense offering support when they decided it was untenable to continue accepting credit cards at fees ranging from three to five per cent when the standard fee in North America is one per cent for service stations. To further add unconscionable usury, local banks are charging merchants from $400 to $600 monthly for each processing terminal used while retailers worldwide can purchase these machines outright anywhere from US$250 to $600 and have their bank programme it.
Since overdue banking reforms are not forthcoming from any Government or their banking regulators, the required changes in our despicable banking culture would only materialize when the real cornerstone of banking, the masses of ordinary poor depositors whose pivotal combined savings propels banking either truly understands their inherent consumer power and execute massive boycotts. Nothing else will!
Trevor Hosten