The Barbados Central Bank today announced a strict new set of guidelines for how commercial banks and deposit-taking financial institutions must operate and deal with customers including the charging of fees and handling of complaints.
The minimum standards have been outlined by Central Bank Governor, Dr. Kevin Greenidge and other senior bank officials during a media briefing.
Among other things, the new guidelines require that banks who wish to impose new fees or increase an existing one must apply for permission 60 days in advance.
In addition, they cannot charge individuals for electronic transfers using batch or real time processing.
They also need to provide information to customers on how to lodge a complaint, must acknowledge receipt of complaints within three to five working days and are obligated to respond in writing setting out the reason for the decision and stating what they propose to do.
Dr. Greenidge says these new standards for commercial banks and deposit-taking institutions are to ensure greater transparency in the banking system and that customers know their rights.
Central Bank Governor, Dr. Kevin Greenidge.
