The banking system in Guyana makes it hard for investors

May 27, 2022 Letters

Dear Editor

This morning I read an article written by Freddie Kissoon which brought back memories of my encounter with Scotiabank in New Amsterdam, Guyana.
I was in Guyana in January this year and I wanted to add my wife to my savings account at Scotiabank. Before I made my trip to Guyana, I requested information on the documents that I will need to add my wife to my account. I couldn’t believe that they wanted a reference letter from my US bank, Passport, Social Security, Income Verification. Mind you, all I wanted to do was to add her to my account so that she can have access to my funds if she is there and I am not. My wife is a retired teacher so I took documents regarding her retirement benefits and bank statements showing the monthly amounts that is deposited in our bank account. I also took all of the other documents that they requested.
To make a long story short, they did not put her on my account because we did not have a current letter from her retirement company. So to hear that a member from the diaspora saying that the banking system is “backward”, I totally agree with that sentiment. I totally understand the issue with Money Laundering, however I cannot comprehend why any banking institution would require income verification just to add a spouse on an account that has already been established. If she was requesting a loan from the bank then that would have been a valid request. Sad to say, the banking situation in Guyana does not make it an attractive option for investors to pursue.
Regards
Kamta Ramnarine

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