Prime Minister Philip J. Pierre has expressed concern over reports that an unnamed local bank would move towards cashless transactions.
“I read somewhere that one of the banks in this country may want to stop, basically stop all transactions in cash,” Pierre, Finance Minister, told parliament on Tuesday.
Pierre noted that he has been very cautious regarding his statements about lending institutions due to his responsibilities as Finance Minister.
“But Mr. Speaker, how do you tell an elderly person in Bouton that they cannot have cash transactions in a bank when they put their money in there?” The Prime Minister stated.
“I am going to bring that up with the Ministers of Finance in the region,” Pierre disclosed.
He stressed that he was not making any anti-bank statements.
Nevertheless, Pierre recalled that a few months ago in England, the banks were forced to have an ATM for every 3,000 residents to facilitate cash transactions.
“How can you tell people when they put their money in the bank, they can’t take it out – they must have a card to take it out? Mr. Speaker, we should not allow that to happen,” the Castries East MP declared.
He explained that several people do not, will not, or cannot have cards.
As a result, Pierre urged the unnamed bank to reexamine its plan.
He also described the situation of banks asking vendors and taxi drivers who present two to four hundred US dollars to identify the source of the funds as ‘very disturbing‘.
“Mr. Speaker, the argument against that is money laundering Mr. Speaker. A vendor in the arcade will launder $US 200?” Pierre asked.
Banks should accept that most micro businesses and elderly are going to do cash transactions. While it may be safer to do card transactions, it is impossible to expect that everyone can or will do.
All them people working in the banks are thieves even in the credit unions even courts unicommer is functioning like a bank
I might not agree with a lot of what the pm says but this right here I agree with 1000%..we cannot allow banks to do as they please whenever they feel like …there should be a body that they have to go to in order to make and take certain decisions
That is the very reason WHY Saint Lucians need to come up in the world by being educated and literate. At the rate illiteracy is rising in Saint Lucia – our current generation will be left behind.
Look at the stance the PM is taking towards such a dilemma – “keep them down” by enabling the illiteracy.I
I know I will be rAlex over got coals for my comment
Lab, why anything this government does to assist the poor and marginalized have a problem will all you? Why all you hate certain people in St lucia so much? Anything to help the poor have a problem with all you. Please stop this. Stop being selfish.
First let me state I am neither UWP or SLP, however the Prime Minjster makes a valid statement in regards to Banking.
The banking industry worldwide wants to utilize less personnel by any means necessary. All they care about is getting more for much much less. Where I reside there are current a few banks without tellers…only machines for all services.
However, what the banking industry fails to realize is that some individuals are not very savvy with computers/online banking and ATM use. They prefer physical interaction for all their banking transactions and that is their right.
Scamming has become the order of the day and from what I have researched with worldwide banking changes online/non personal interactive banking has a lot to do with it. No bank should force anyone to make decisions which they are uncomfortable with while housing their money.
I had thought that local banks in St. Lucia were private enterprises and that St. Lucians were free to choose where they did their banking.
Cash transactions are peer to peer. No government/bank can interfere once currency is in circulation and people can trade with each other freely. No access to cash means everything is digital with a gatekeeper. Whoever controls the gate controls the wealth and the population. All trade will need to be sanctioned by those powers. Yes it might be more convenient to not carry cash but nothing comes without a price.
This is the ushering of the terrifying totalitarian one world government, the New World Order and Agenda 21 you have been warned about. These systems are being implemented worldwide, incrementally. The slow boiling frog. Note the cameras being installed all over the place. Remember the vaxxine passports. The shutting down of ports. Everyone coming into the country now needs a QR code unless you opt out. Y’all were scared into submission to accept whatever the government imposes on you. You give up your God given natural rights. Rights that supersede the right of any government, man or woman. And yes it is is much easier to control a smaller population than a larger one. Know what is coming next.
Revelation 13:16-18
16 And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand or in their foreheads,
17 that no man might buy or sell, save he that had the mark or the name of the beast or the number of his name.
Totally agree with you LAB
Our high illiteracy rate is crippling our country. like it or not this is the way forward.
The Bank has never and will never ignore the needs of the elderly or mentally challenged.
I bet you the PM is using this same technology with his foreign accounts….wink wink
“SIMON SAYS” – Mr. Prime Minister, it appears that you don’t know that such a bank already exists. That bank has a branch located in the northern part of the island between Bay Walk and the J.Q. Charles Mall. No cash transactions.
“BANK SAYS” – “NOT SIMON SAYS” Effective June 1, 2024, they will only process over- the- counter transactions on an exceptional basis that cannot be performed via their alternative banking channels
After this period (June 1st, 2024), the following transactions will not be facilitated:
• Cash and Check Deposits
• Withdrawals or XCD 4000 and below
• 3rd Party Transfers
• 3rd Party Withdrawals
• 3RD Party Deposits
• Credit card Payments
• Corporate and Business Banking Deposits
“SIMON SAYS” –If done over- the – counter, the customer will be charged as in my case depositing a check into my account, I was charged $10.00. I am sure everyone knows which bank it is because there was a flyer going round
SIMON SAYS” – It is unbelievable what one has to go through for their hard earned money
“SIMON SAYS” – Mr. Prime Minister you must do like the Member of Parliament for St Mary Western, of the Jamaica Labour Party’s Robert Montague, on who blasted the country’s commercial banks, accusing them of putting profits above people as he ripped into their “poor customer service”.
We’re overtaxed: income, corporation, VAT … (too many ….), exorbitant bank fees, tuition fees, medical fees …
Flow, LUCELEC, WASCO need competition
Too many children are going to school hungry, poor housing
Too many mentally ill people, the darkness persists …
Autism is a concern, Abortion is a concern (Christian persecution is coming, the world and its “Human Rights global agenda.)
Too many are hooked on prescribed medicine, we need to eat healthy.
Dishonesty everywhere
More money for the poor/ less privilege
IRD refunds still pending…
Oh Crime …
Too much…
Switch to four days of work, Friday restday ….
All politicians pay attention, “We need change, poor jab Ste Lici ou pres fair.”
While I agree that the Banks are very high handed, there are several flawed aguements, the Bank can adjust their policy to suit and so decide on thresholds to conduct business. Some have minimum deposits for accounts etc. The anti money laundering issue is real. I can have 20 people change US$500 weekly for 10 weeks and I would have converted US$100,000.
It sounds nice Mr PM.
Why didn’t you say Mr. PM and elderly person in Castries. There you go stigmatizing our people. Do you know Bouton is one of the communities with the most intelligent people.
You always disappointing the populace when you open your mouth.
In the next 10-20 years most of the computer illiterate will have passed away, so why stop innovation.
You couldn’t have said it any better “You’ve been warned.” Yes there are advantages involved in having a cashless society, but people let’s not get caught up in the deceptions and illusions of the ultimate agenda this is leading up too. A New World Order, pretty soon AI (Artificial Intelligence) will determine what your limits are for making any transactions. It’s happening in China, banks are closing down 100s of ATMs across the globe Australia, England, USA; AI will determine who gets approved for loans or banking decisions. Educate yourself, stop the bluff. Educate yourself about the World Economic Forum 2030: – Statement made by the WEF which projected that by 2030 nobody will own private property anymore you would have no possession of your own rather you would rent everything and in addition they said you would be happy about it…
Digital implementation to control buying and selling.
The Secret Society – how they influence the global affairs.
Force and Coercion.
Our privacy and freedom at the cost of whom
The rest speaks for itself … “For the Common Good.”
“I am going to bring that up with the Ministers of Finance in the region,” Pierre disclosed.
Can’t even talk to members of your own cabinet is Ministers of Finance you will speak to!