Posted on

Service at ‘Penny Bank’ is second to none – Savings manager

Service at ‘Penny Bank’ is second to none – Savings manager
The new headquarters of St Vincent Co-operative Bank (SVCB) which is located on the corner of Upper Bay Street and South River Road


NESTLED IN THE heart of Kingstown, the St Vincent Co-operative Bank (SVCB) Limited, fondly known as “Forde Bank” and widely known 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.

Service at ‘Penny Bank’ is second to none – Savings manager

“We offer exceptional customer service,” is one way in which the bank stands out, says Savings Manager Carlita Tyrell.

Another way is the services offered which include: 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.

“We offer savings; we have junior savers called penny savers, regular savings. We have fixed deposits. We have our ATM service for easy access 24 hours,” Tyrell boasted while noting that unlike many other banks, there is no charge for using the services of a human teller.

“There is no charge when you go to the counter like other banks. We welcome our customers and that is where we get to interact with them, hence our exceptional customer service,” Tyrell told SEARCHLIGHT.

She said that persons, providing they have two pieces of identification, proof of address and EC$50 can open an account with the bank as they strive to hold on to their indigenous roots.

“People like to be associated with local, something indigenous,” said Tyrell.

The bank is open from 8 am to 2:30 p.m. Monday to Friday and is one of only two banks open on Saturdays (from 8.30 a.m. to 11 a.m).

“We are open six days a week as it is of convenience

to customers. We want to cater to our customers as some persons work during the week and Saturdays is a convenient time for them to come to the bank.

“We did this before the advent of ATM, so we want to continue,” Tyrell noted, while adding, “we are really geared to our customers. That’s what we focus on, offering our customers exceptional service.”

The Bank, regulated by the Eastern Caribbean Central Bank (ECCB), was founded by Ormond Forde. The Board of Directors is chaired by Margaret Ferrari 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.