Banks must woo those who keep cash at home

THE EDITOR: Why is it that so many citizens still prefer to keep all their hard-earned cash at home? Is it that the banking sector rejects some applicants based on appearance? Why is there no attempt to market services to these people? Why no competition among the banks for fresh customers? Why are we so unimaginative and Third World?

Which bank is brave and clever enough to offer a specific service to this sector? There must be hundreds of barbers, hairdressers, home beauticians, doubles and other vendors raking in the money. Sell them the benefits of doing business with a bank.

Why not offer a deposit/account-only card with a direct debit feature for paying utility bills. Restrict purchases to hardware, supermarket and furniture establishments and to places where they buy the tools of their trade only. Each client should always have a minimum starting point of $1,000 and should deposit at regular intervals, but not necessarily monthly. Call it a banking sou sou hand with benefits.

Every single dollar earned does not mean an ill-gotten gain. Keeping funds at home is both backward and dangerous. If the applicant does not have the established banking requirement of a fixed address and landline phone number, a certificate of good character along with a reference from their landlord should suffice.

A signed understanding that the bank can share the applicant’s name with Inland Revenue should also be agreed.

LYNETTE JOSEPH

Diego Martin