Bank of The Bahamas (BOB) experienced a delay in distributing pension payments yesterday, which resulted in outrage from pensioners who formed a crowd outside the bank's main branch along Shirley Street.
Managing Director of BOB Renee Davis told Guardian Business that the problem resulted in pensioners being affected at the bank's New Providence, Grand Bahama and Family Island branches.
Pensioners were able to receive payments after an estimated three-hour delay.
Davis assured that it was not a matter of inadequate funds. The delay stemmed from a pension payments file not being sent to BOB on time.
Davis explained that Royal Bank of Canada (RBC) is the institution that the National Insurance Board (NIB) uses to facilitate pension payments.
"The pension payment file was late; it did not come in time. There is no issue regarding funds on RBC's side, the bank's side or NIB," she said.
"We did not receive the file until 11:45 a.m. As a result, we were unable to pay the pensioners. BOB opens up on pension day at 8:30, to facilitate the pension line. Unfortunately, we were unable to do so."
Davis said customers were advised that the pension payments would be late, and it would be best to return after noon.
"The pensioners said they were not leaving," she said.
"Therefore, we tried to make them as comfortable as they could be.
"The ones who were elderly and who we felt were at risk due to the heat, we brought them inside and tried to accommodate as many as we could.
"The others we would not accommodate; we asked that they just remain outside. But the persons refused to leave until the payment was processed."
The bank accommodates 5,000 NIB pensioners.

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