Is there a problem in banking in the Bahamas? 

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Central Bank must do more to protect and defend locals in the banking sector!

The Central Bank of the Bahamas

NASSAU| Bahamas Press is learning that staff at Commonwealth Bank (CB) got an email in their inbox today announcing that there will be NO CHRISTMAS BONUSES paid this year. 

Several staff tell us they are grateful to have a job especially when they see first hand many Bahamians struggling to pay their bills, but it appears that even bigger problems are looming. 

Like how some six employees got fired today alone at the bank and a number of employees have resigned from their jobs at CB, many flocking to other industries. Banking seems to not be a happy place anymore.

But it gets worse. BP is learning more branches of Scotia Bank Ltd. are set to close, which means more jobs will be lost before the year comes to a close. We know the branches closing will be Palmdale and East Street (Soldier Road), along with Wulff and Jerome Avenue. They all will only operate ABM machines in those communities.

But they are not the only banks catching hell in the new economy created by the failed Minnis Government. RBC announced earlier in the year ZERO interest on term deposits. And with that announcement comes a host of higher fees at the bank with limited online banking options for locals. WHAT IS THIS?

RBC has downsized many branches in New Providence and in the family islands focusing on larger clients and cutting out much of the small man out its business model.

Bahamas Press is calling on the Central Bank to step up and DEFEND the already struggling Bahamian consumer who could almost not afford to operate a bank account in the country!

The future of banking remains uncertain if you ask us. All we can do is pray!

We report yinner decide!