Wages are just one of the issues plaguing Cayman. Try banking.
Recently, I was discussing with a friend the new local banking changes, and I was aghast. The local big banks no longer allow ‘cheque cashing services’ to non-registered clients. Sounds reasonable, only it isn’t. While I appreciate the bank’s approach to eradicating people from simply walking in to get cash, this rule gravely impacts community members. Not the bank, naturally.
The bank will only grant an account if the applicant is gainfully employed. So, I am making an unliveable minimum wage and now want to open a local bank account. Fine. However, the anachronous bank process to open an account means your new client will be weeks without access to their funds – an atrocity. Globally, most banks have an online application platform, and accounts are almost instantaneous, as they should be.
So how can one live when they can’t access their hard-earned money while navigating ‘banker hours’? How about the business or the individual who wrote the cheque?
As I see it, this is now a two-fold issue. The banks only cash a cheque for their newly enrolled client once their outdated process is complete, leaving customers without. It also poses a problem for the issuer, who must balance their ledgers with uncashed cheques, potentially for extended periods. Or, is the expectation that they carry petty cash to cover bank payroll, less the bank part?
In a country where living expenses are almost inhumane, and pay scales are more archaic than the banks, you would hope the banks would consider their ‘profit boosters’ need for safe, secure, and reliable banking practices and services. The banks only have their best interest at heart, and if I am wrong and someone with authority can discredit the ideology, I would love nothing more than to sit down and discuss.
Alison Ford
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