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From September 1, joint loan repayments must come from one designated account — but customers may be asking how the policy will work when relationships or business partnerships have changed

BASSETERRE, ST. KITTS — A new repayment requirement announced by the St. Kitts-Nevis-Anguilla National Bank Limited (SKNANB) is likely to generate discussion among customers with joint loans, particularly those whose personal or business circumstances have changed since their loans were established.

In a customer notice titled “Core Banking Upgrade: Update 2 of the Series,” SKNANB advised that, effective September 1, 2026, repayments on joint loans must be made from one designated account only.

According to the notice, joint loan facilities currently serviced from separate accounts will no longer be facilitated under the new arrangement.

The bank explained that the change forms part of its transition to a more modern core banking system and is intended to improve account administration while creating greater consistency in the processing of loan payments.

Customers affected have been asked to confirm the account from which their joint loan repayment should be deducted by August 17, 2026.

But the announcement raises practical questions.

What happens where a couple who originally secured a loan together is now separated or divorced?

What happens when former business partners remain jointly responsible for a loan but no longer operate a shared account?

And what arrangements will be available where two joint borrowers prefer — or need — to make their respective portions of the repayment separately?

These situations are not necessarily unusual, and a single-account requirement could potentially require additional coordination between borrowers whose relationship has changed.

The issue is therefore not simply whether the bank can streamline its internal repayment process, but how much flexibility will remain for customers facing legitimate and sometimes complicated circumstances.

SKNANB has advised customers requiring clarification or assistance to contact their Credit Analyst or the bank directly.

The bank may now need to provide further guidance on whether exceptions, alternative payment arrangements or other accommodations will be available for joint borrowers who cannot reasonably operate through one designated account.

Modernising banking systems can bring efficiencies. But customers will also be looking for reassurance that those efficiencies remain flexible enough to reflect real-life financial relationships.