NESTLED IN THE heart of Kingstown, the St Vincent Co-operative Bank (SVCB) Limited, fondly known as “Forde Bank” and widely known to many as the “Penny Bank” boasts of being the most customer friendly financial institution on the island.
The Bank, which opened its doors on February 1, 1945, and is one of the oldest indigenous financial institutions in St Vincent and the Grenadines (SVG), is celebrating 75 years of providing its members with services that are second to none.
“We offer exceptional customer service,” is one way in which the bank stands out, says Savings Manager Carlita Tyrell.
Other services offered by the bank are residential mortgages, savings accounts, fixed deposits, consumer loans, commercial loans and life Insurance on all loans. These services are some of the most competitive anywhere. There are also our junior savers accounts also known as “penny savers.” We also offer fixed deposits at the most competitive rate in SVG.
The banks ATM service offers easy 24 hours access. Customers with an ATM card can access ATM service at any Bank of St. Vincent (BOSVG) ATM machines throughout St. Vincent and the Grenadines.
Tyrell continued “There is no over the counter charge, unlike the other institutions. We recognized what makes us stand out from the others is the interpersonal interaction with our customers.”
Tyrell further explained that in order to open a savings account at the bank one would need to provide two pieces of identification, proof of address by means of a utility bill and EC$50.
The banks opening hours are from 8 am to 2:30 p.m. Monday to Friday and is one of two banks which opens on Saturdays (from 8.30 a.m. to 11 a.m.). With this we can cater to our customers who are unable to conduct banking transactions Monday to Friday.
The Bank, regulated by the Eastern Caribbean Central Bank (ECCB), was founded by Ormond Forde. The Board of Directors is chaired by Samuel Goodluck and the Executive Director is Albert Porter.
Tyrell notes that the institution is known for its corporate citizenship as they have impacted several communities with their input.
Contributions include sponsorship of the North Leeward Cricket Competition; donation of care packages to the Lewis Punnett Home (and the facelift of the laundry at that institution); donation to the Haiti Relief Fund; donation of paint to the Royal St Vincent and the Grenadines Police Force’s Traffic Department and most recently, the donation of a television set to the Helping Hands Centre at New Montrose.