27 Mar 2017

American Samoa bank struggles to provide some services

1:01 pm on 27 March 2017

An American Samoa bank says it's having difficulty getting approval from the federal banking regulator to conduct many transactions.

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Photo: RNZI / Monica Miller

The Territorial Bank of American Samoa, which is owned by the territory's government, opened in October, and has been providing accounts.

But until it gets a transit routing number from the Federal Reserve, it can't provide services such as cheques.

The bank's chief executive, Philip Ware, said getting a number was usually a two-week process, but his bank has been waiting since November.

He says he suspects the Federal Reserve has a problem with the fact the bank was owned by the government.

"I try very hard to make sure that they understand there's a barrier between the government and the bank, and the government will not influence us, nor will they get involved."

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