BNB Chairman Ronald F deC. Harford says "We hold your money as long as we can to make more profit from abusing you suckers!" (Mr. Harford is the one on the left - we think. Sometimes it's so difficult to tell with family photos.)
Can someone who is a banker in Barbados tell me why BNB would want to hold a NatWest Bank draft for 20 days?
Barbados National Bank – BNB is the clearing house for NatWest Bank UK and its representative in Barbados. The draft was bought in the UK from NatWest Barbados dollar account in Barbados dollars. BNB had the audacity to tell me I have to open an account to get my money!
The bank continues with this behavior because Barbadians are docile and complicit in poor service.
These are the same Banks who debit your account in 24 hours but hold a cheque for 8 working days in 2010. Not good enough.
… submitted by a BFP reader. Name withheld by BFP because we threw in the cartoon.
Barbados Free Press 
Its really quite simple.
The BNB gets to make interest on your money while they keep custody of ( sorry should have said process ) your money plus they may get your business if you open an account.
You really need to check out some of the Canadian Banks to see what their policies are. The word Barbados National Bank should more correctly read “The Trinidad Bank in Barbados”.
Its the same with the other banks too, they all hold your cheques 7-8 days and if you are banking (via the ATM – who gets in lines these days) more than one cheque and one of is from the same branch, then ALL get held for a week.
But guess what if your mortgage or loan payment is for the 1st. of the month and you put on your salary cheque a bit late where the 7 days would go over the 1st. they does clear it real quick though.
They make money on the delay, while they debit it from account the cheque is drawn on, its stays in clearing limbo – read the Bank’s Cash account where it generates interest – and they don’t release it on the account it deposited on until they have fatten their coffers.
Overseas draft are longer, 3-4 weeks in some cases depending on the source.
ALL banks do it, even the Central Bank.
So complaining about it gets you nowhere and as you said you would think in 2010 these things should happen at near the speed of light with all the high-tech. telecommunications, computerisation, etc.
But, go figure. Ever see a bank go belly-up, hmm on second thought I used to say that about Insurance companies too, but I guess that’s changed now. LOL.
Correct me if I am wrong but the BNB is the the key financier of several BOLT projetcs in Barbados, including Dodds, ABC Highway, Coast Guard.
Has anyone checked into how interest is calculated on your savings account in any bank? They tell me it is on the minimum balance in a quarter. If I put in $1000 on Jan 2 and Jan 1 is the start of the first quarter in my which interest is calculated on my principal and then take out the $1000 on June 29 what would the interest be that I should get? One should expect approximately $15.00 if the interest rate is 3% per annum. Would you believe it that my interest entitlment is $0.00. You see the minimum balance in the first quarter is zero since there was nothing on the account on Jan 1. The minimum balance in the second quarter is also zero since the funds were taken out on june 29.
Quite clever don’t you think. Is there a bank which will calculate interest on my daily balance?
dont carry on like this is a BNB thing. I brought a Bank draft in canadian dollars to canada and had to open an account to get my money whilh including waiting a week for it to clear. I think this is standard procedure where the bank get their money before they give you yours. Reminds me of a scam in Vincy where a million dollar draft was cashed before the bank got their money only to find out a few days later that the draft was no good. Bankers said they made the necessary calls to check on teh validity of teh draft.
I can understand in certain instances where Banks may be cautious but again this 2010 they are ways to check these things out in a matter of minutes.
BFP: My earlier comment from a few hours ago is still awaiting moderation – any reason why? I can see what I said about bank policy being an issue.
Hi David,
It was in the spam filter for some reason with all the viagra adverts and not in the “waiting for approval” folder. Don’t know why just one of those computer things and when folks tell us we look again. Thanks for letting us know.
You’re free now!
@DD
Yes, I know of one bank that pays on the daily balance. I would like one of our financial journalists to study the interest methods of all of local banks and publish the results widely. In particular, we should know which banks pay on the daily balance, the minimum quarterly balance, or even minimum half year balance. Which seniors’ accounts qualify for a slight rate increase and perhaps free drafts and travelers’ cheques? When is interest credited to your account? It might be monthly, quarterly or perhaps half-yearly. It makes a tremendous difference in your interest depending on these different factors.
People wunna missing de point. BNB is the local representative Bank for Natwest. Draft came from Natwest Barbadian currency account which was paid for in pounds sterling since April 15th,2010.I will be going to who ever is in management at BNB and the FTC. Twenty days is way to long, I will write Natwest and copy BNB if I cannot get a guarantee draft will be cleared in 3 days. Legitimacy of a Natwest draft should take no longer than 72 hours to be verified by BNB.
Hey Kammie,
Could there be an reason that the BNB doesn’t trust NatWest?
The money came from Natwest`s Barbados currency account and is nearly as liquid as cash. Hold is for verification of draft and signatures. I am thinking in this day and age a notification of draft would have been sent to BNB`s computer system. My concern is the the undue delay.Supposed I was a pensioner or some other vulnerable person desperate for funds. We cannot tell the Bank how to do their job, other than be fear and reasonable.
No, all banks do it. Even the same bank to bank – i.e. First Caribbean Jamaica to First Caribbean Barbados – its a money making exercise at the expense of the payer and the payee – i.e. those valuable customers – ‘valuable’ in more ways than one.
And in this SUNDAY SUN interview, he took the opportunity to clear the air on one point: “A lot of people feel that I was appointed to the Senate by Errol Barrow. Errol Barrow would never appoint me to the Senate. He never liked John Connell.
“After he lost the election in 1976, he went to Miami on a sabattical and left “Sleepy” [Sir Frederick] Smith as the leader of the opposition and “Sleepy” appointed me to the Senate.
“That is why Barrow dismissed me from the Senate. I was never his appointment.”
The story of that dismissal is legendary. As an opposition senator appointed by the Democratic Labour Party, Connell voted in support of a Barbados Labour Party Government bill to increase constituencies from 24 to 28.
“When [the bill] came to the Senate, I voted in support of it because they had made it clear to me that they had no intention to repeal it and they were doing what both political parties are constantly doing, fooling the people of Barbados and telling them they intend to do one thing, and when they get power they don’t do it.” Another DLP senator, Dennis Hunte, also voted in favour of the bill.
A few days later both Connell and Hunte were dismissed from the Senate at a public political meeting.
Today Connell speaks humorously about the experience, but posits the view that “there are people who offer themselves for a seat in Parliament and don’t have the testicular fortitude to go and do what they know they should do and as a result Barbados in my view is slipping, because you must have some courage to stand up for your views if you believe in them”.
Good news folk. I went to RBC Royal Bank with my draft and they said to me that the Natwest Draft written in Barbados dollars in the name of BNB will be held for three days. The BNB wanted to hold their own draft for 20 days. Unbelievable, but wunna lazy indifferent bajans dus encourage illtreatment.
My experience with all banks is that irregardless of what bank it is drawn on when that bank is outside of Barbados in whatever currency… dem does hole it. Mine was USD and held for 30 days.. Yuh lucky.. I must check out RBC that 3 -day things sound like a miracle
I have some good news on the Natwest draft written in Barbados dollars from Natwest BNB account UK. RBC will clear the draft in 3 days yes three days and not 20 days as BNB wanted. BNB is Natwest local clearing house thus drafts written to BNB.Lesson! Don`t accept unreasonable business practices.
Three 3 days it was at RBC I was so impressed with RBC.