Consumer Body Condemns Shortened Banking Hours as CIBC Announces Early Closures

The recent trend towards shorter banking hours is drawing the ire of a consumer body, with the latest announcement from another bank.

The Barbados Consumer Empowerment Network (BCEN) has voiced strong opposition to the recent decision by a commercial bank to shorten its operating hours across most branches.

From February 1, all CIBC branches will close at 2 p.m., with the exception of one branch, which will remain open until 3 p.m. This follows a similar move by Republic Bank last year, BCEN president Maureen Holder described the decision as “unfair and inconsiderate”, highlighting the significant inconvenience to Barbadians who rely on in-person banking services.

“This decision disproportionately affects the elderly, low-income individuals, and working professionals, many of whom already struggle to access essential banking services within traditional hours,” Holder said.

She reasoned that for working Barbadians, early closures mean having to take time off or disrupt their schedules to conduct necessary banking, and added that some vulnerable groups, such as the elderly, often depended on in-person services for clarity and assistance. Similarly, low-income individuals, many of whom lack access to digital banking solutions, rely heavily on physical branches for their financial needs.

BCEN expressed concern that these groups faced increased risks of financial stress and exclusion due to the reduced hours.

Holder criticised foreign-owned commercial banks for what she described as a decade of declining customer service in Barbados.

“Customers have endured poor service, exorbitant fees and inflexible policies with little regard for their needs. The decision is just the latest example of this troubling trend,” she said.

Debra King, director of corporate communications at CIBC. FILE

BCEN also accused the banks of prioritising operational efficiency over customer convenience, pointing out that these decisions were made without adequate consultation or communication with the public.

In response, Debra King, director of corporate communications for CIBC, defended the decision, stating: “Our recent decision to adjust the banking hours in our Barbados branches is in line with the practice established by other financial services institutions in Barbados, some as long as one year ago. It is also in line with our practice in other jurisdictions in which we operate. We take this opportunity to remind our clients that we have a variety of options available to them to do their banking, including our ABM network and our digital channels.”

The BCEN is urging consumers to reconsider their banking relationships with institutions that fail to prioritise customer needs.

“If the bank does not reverse this decision, customers should explore alternatives with more accommodating hours,” Holder advised.

The organisation also called on the Government, the Central Bank of Barbados and consumer protection agencies to intervene by mandating minimum operating hours to ensure banks remain open during hours convenient for the public.