ECCB distances itself from bank fees

The Eastern Caribbean Central Bank (ECCB) has voiced concern over the increase in commercial bank fees and charges across the Easter Caribbean Currency Union (ECCU), and the effects on depositors.

In a statement issued to the regional media, the ECCB has distanced itself from being responsible for the increase.

“The ECCB wishes to advise that it does not have the powers to regulate commercial banks’ fees and charges. As a consequence, individual banks determine their fees and charges,” the statement said.

Recently RBTT imposed a monthly charge of $25.00 on persons holding bank accounts.

According to the ECCB statement, the issue of bank fees and charges has been discussed by the Monetary Council, which is the highest decision-making body of the regional bank.

The Monetary Council comprises the eight Ministers with responsibility for Finance of the ECCB Member Countries.

Coming out of a meeting of the Monetary Council last November the decision was taken to establish a working group to review commercial banks fees and charges, and to report its findings and recommendations to the Monetary Counci.

The ministers also agreed to establish an Office of the Ombudsman for Financial Services to mediate on behalf of customers with complaints, to address other dispute resolution matters, and to encourage the ECCU Bankers Association to use moral suasion to establish a defined range of fees for various products and services which would be published for public information.

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