by Linda Straker
- As of 1 October 2022, Sauteurs branch will be shut
- Gouyave branch will operate only on Mondays, Tuesdays, and Fridays
- Bank and General Workers Union is bargaining agent for workers
Customers of Republic Bank in the northern parish of St Patrick will, as of 1 October 2022, be using other bank branches for their transactions because the financial institution’s management has decided to shut its doors.
While the Sauteurs branch will be shut down, the branch in Gouyave, St John, will only serve customers 3 days per week as of the same date. The opening dates will be Mondays, Tuesdays, and Fridays.
A notice on the bank’s website described the changes as ‘operation changes’ but provided no excuse nor justification for the measure, which is expected to impact customers.
The Bank and General Workers Union (BGWU) is the bargaining agent for the workers. Its management has confirmed that it became aware of the operational changes a few days after receiving correspondence.
Acting President Joseph Mitchell said that as it stands, there is no indication that workers will be laid-off in the immediate period. “We are pleased about that, but will have discussions on how the changes will overall affect our membership in the bank.” He pointed out that there are provisions in the collective agreement to cover certain developments.
For the 6 months ending 31 March 2022, the bank recorded a net profit after tax of EC$7 million or EC$2.37 million increase over the corresponding period last year.
Outrageous. This should never be allowed. Banking is essential. Then some folks jump and shout calling this progress.
There is nothing compelling a bank to provide banking service Grenadians. The truth and the fact most Grenadians live hand to mouth. There is no residual income after monthly expenses. Someone deposits $2000 only to withdraw $1950. To add, most banks requires a minimum balance, plus with banking fees eroding what’s left.
The bank objective is to make money. So if Grenadians don’t have money saved, the banks can’t make money. Providing deposits and withdrawal services are not profitable.
This is a clear indication of economic decay.
The rural areas certainly lacks economic activities. Agriculture is dead. Fishing and a little bit of construction for employment in the rural.
Most folks travel the to South of island for work. Transportation cost accounts to more than 1/4 of earnings.
When will the folks in the north be able truly live and work in the north?
The Government of Grenada does a poor job of protecting its citizens from abuse and price gouging by the banking and telecommunications industries. In this regard, Grenada is firmly in the third world. This is condemnable. Can the Government not do better?