Dear Editor,

I recently made the decision to withdraw my savings from the two main local banks. According to Antigua News Room, which published this letter, the writer cites institutional complacency, lack of innovation, and a failure to keep pace with modern banking as the primary reasons.

I have banked with these institutions since 2012. For the first five years, I earned approximately $8,000 per month, with no mortgage, loans, or major expenses. From 2017, I started a business that performed well, generating monthly deposits averaging between $20,000 and $30,000. Throughout that period, I carried no loans and no significant personal expenses.

I also maintain accounts abroad — in Panama, Jamaica, and the United States — primarily to facilitate payments from overseas clients.

Over the past five years, I began to notice a stark contrast. My foreign banks were proactively reaching out with meaningful offers. One offered me a US$150,000 loan for an apartment in that country — despite the fact that I am not a citizen. I declined due to the interest rate, but I was struck by the ease of the offer. A second foreign bank extended a credit card with a limit matching my regular savings balance. I accepted, as the rate was favourable and the card carried travel benefits, requiring nothing beyond my approval. More recently, another foreign bank offered me a personal loan of US$17,000. I did not need it and declined, but I was impressed that the institution recognised and valued even the relatively modest volume of business I conduct with them.

That was the moment I concluded I was wasting my time with the local banks.

With the local institutions, I earn little to no meaningful interest on my deposits. They do not reach out. They do not offer. In contrast, I have been the one repeatedly approaching them. I inquired about a credit card — only to face a lengthy, document-heavy application process, despite more than a decade as a customer. I asked about a mortgage and received no response. I requested information about a personal loan for travel and, again, heard nothing back.

Contacting these banks is itself a challenge. Phone calls go unanswered. Emails receive no replies. This is simply unacceptable for institutions that appear content to collect transaction fees while offering customers little in return.

The contrast in digital capability is equally troubling. I recently opened a US dollar account with a foreign bank entirely through their mobile app in under three minutes. Another allows me to invest internationally through the app with minimal friction. Meanwhile, banks in Antigua have yet to offer Apple Pay compatibility, leaving customers navigating what feels like the technological dark ages.

The leadership of these institutions must be held to account. Banking technology is advancing rapidly, yet local banks appear to be moving in the opposite direction. There is a clear and urgent need for innovation, modernisation, and leadership that genuinely understands what contemporary banking demands.

Something needs to change.

— Name withheld