Central Bank Reviews Bank Charges-Banks Defend Fees

Credit and debit card fees and other charges by commercial banks in Barbados are currently under review by the Central Bank.

And the regulators are expected to have discussions shortly with the banks on the matter.

The review by the Central Bank follows concern voiced by Prime Minister Mia Amor Mottley about the level of bank fees.

In an address to the Chamber of Commerce and Industry, Miss Mottley indicated government would be prepared to pass legislation to deal with the matter if necessary.

President of the Barbados Bankers Association, Anthony Clerk, the Managing Director and CEO of Republic Bank Barbados, tells Starcom Network News that the Central Bank has been gathering information on the bank fees.

But Mr. Clerk defended the new debit card fees and denies that the bank charges overall are unreasonably high.

President of the Barbados Bankers Association, Anthony Clerk

Meantime, Chief Executive Officer of the City of Bridgetown Credit Union, Steve Belle, speaking on VOB’s Down to Brass Tacks call-in program spoke of the plans to expand the range of services offered by the credit union.

But he explained why it would be difficult for the credit unions to establish a commercial bank as has long been called for.

He says that due to the international money laundering regulations and the potential large fines, the correspondent banks overseas believe that the cost of doing business in the Caribbean is not worth the cost.