The power to effect change lies with the consumer

Fri, May 30, 2014

There are two characteristics which bind the billions of people living on planet earth. One is that we are all human beings, the other is that as humans, of whatever race, nationality, religion, political philosophy, etc., we are all consumers.{{more}}

As such, we all face common challenges in the market place, though our ability to overcome them may be based on a range of factors including our financial status and capacity to react to them.

Last Friday, we ran a front page story about the decision of banks operating here in St Vincent and the Grenadines to charge consumers fees for withdrawals of their own deposits, whether over the counter or from ATMs. We have had a rash of reaction from readers, most of them hurling accusations at the banks of being “greedy”, “wicked” and other related descriptions.

These may have some merit, but it is curious that the responses seem not to grasp a fundamental fact – we, as consumers, have the benefit of choice and the power to make a difference. We can choose which bank or financial institution provides services which suits our needs and whether their rates and fees are affordable.

There have been calls for the Eastern Caribbean Central Bank to act, but its power is limited in this respect, save for the fact that their regulations encourage the banks to publish their rates so that we can make informed choices.

This places the ball firmly in the court of consumers and the banks competitors such as non commercial financial institutions.

It also opens the door to consumer action, collectively, to ensure wider consumer choices. We have not taken advantage of our collective power in this regard, except for some actions against the public utility companies, electricity and water being prime targets, in spite of the fact that they are among the better service providers. The same level of ire, and public action, is missing where private companies are concerned.

The quality of service, in comparison to rate charges, can be questioned in relation to many of these private companies. The same goes for the quality of products, especially food products, put up for sale by supermarkets, fast food outlets and restaurants, in comparison with prices charged. We are short-changed in many cases in quality food imports – just look at the items like white potatoes and onions for example and contrast them to the stringent quality standards that our farmers must meet for export.

The bottom line is that the solution lies with us all. Efforts have been made, as far back as 1977, to encourage consumers to band together in a vibrant organisation to protect their interests. We have responded, less than half-heartedly. If anything, the climate is favourable for building a strong consumers’ organisation. Is it not in our best interests to move in this direction?