St Kitts and Nevis (WINN): The Eastern Caribbean Central Banks is concerned over the potential loss of depositors’ savings as a result of high bank fees and charges.
Speaking on the Central Bank’s podcast ECCB Connects on May 25th, Governor Timothy Antoine explained how that could happen.
The issue of increasing bank fees has been discussed at the highest levels in the region however it was thrust into the fore recently when the Royal Bank of Canada and its subsidiaries announced a $25 monthly charge on personal accounts. Customers in several islands responded by pulling their monies out of the banks in protest.
After years of the ECCB encouraging persons to save money, Antoine said high bank fees and charges could be a disincentive to people depositing monies in banks for the purpose of saving.
Antoine said high commercial bank fees could leave depositors to feel they are being pushed out of the banking system. He advised persons to weigh their banking options carefully when deciding where to take their business.
The ECCB Governor called on the ECCU’s citizens to remain calm in the face of the upheaval. He also reiterated his appeal to banks to do a better job of educating their clientele about fees and charges.