Government backbencher Dr William Duguid has complained that it takes too long to open a bank account in Barbados.
He is suggesting that a colloquium be held so that Ministry of Finance, the Central Bank of Barbados, commercial banks and others can solve the problem.
“I understand why people go to credit unions, it takes too long to get a bank account in Barbados,” he said yesterday in the House of Assembly during debate on the Protection of Depositors Bill, 2026.
The Member of Parliament for Christ Church West noted that “there are places and jurisdictions that you will get a bank account online in hours”.
“I understand the know-your-customer regime in Barbados, but we have to do something about the time it takes to set up a bank account in Barbados,” he said.
“And this is something that the banks, the Governor of the Central Bank, the Ministry of Finance, all of us, the banking institutions, we have to . . . have a colloquium, everybody come in one location, say what the issue is, work it out and solve the problem.”
Duguid also shared a personal experience to illustrate other ways in which it was challenging to do business within the banking system.
“My mother is getting down in age, [she is] age 83 [and] wanting to add me to her account. It took nine months for my mother to add me to her account,” he lamented.
“And bear in mind, I also have an account at the same bank . . . . My mother has banked at the same bank all of her life, maybe 40, 50, 60 years, or more. So they know me as a customer and they know my mother as a customer.
“All my mother was asking is to add my name to her account . . . to make a joint account between myself and her. It took months and months . . . and it’s only because I was able to pick up the phone and call somebody I know in the bank that I was able to get it done.
“But what if I was just the average person that don’t know somebody to call to get it done? And I told that person in the banking institution, ‘This is not right’.
“I know the banks understand why an elderly parent will want to add a child to their account, because things happen. My stepfather didn’t have anybody added to his account, he passed away. The bank says, ‘Well, the only thing that we could help you with is paying the death fees’, other than that, that money’s got to stay in until you all can get letters of administration.” (SC)
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