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General
Press Releases
Press
Release February
13, 2004
Central
Bank of Barbados’ Guidelines
For
Commercial Banks’ Fees and Charges
The
Central Bank of Barbados wishes to announce new guidelines
governing the fees charged to customers by commercial banks.
The
Bank advises that after a careful analysis in January 2004 of
the banks’ fees, and after discussions with commercial banks,
the following guidelines on bank charges become effective from
February 23, 2004:
- No
charges are to be applied for the encashment of cheques
written on own banks.
- Customers
are not to be charged for making transfers between their
accounts at their bank’s ATM.
- Customers
should not be charged for making account inquiries at their
bank’s ATM.
- Customers
and the Central Bank must be notified at least 30 days prior
to the implementation of any new charges.
The
Bank also wishes to remind the public that the following
guidelines issued in 2001 are still in effect:
- No
charges should apply for the encashment of cheques written
on other banks.
- A
maximum charge of 1% is to be applied where the value of
coins being received/deposited exceeds $50.00.
- No
charge should apply to third party withdrawals in the case
of pensioners.
- The
charge for the notification of dormant accounts should not
exceed $10.00 per annum.
- The
charge should, however, be reversed on acknowledgement by
the account holder. In addition, interest should be paid on
all dormant accounts.
- A
bank may apply reasonable charges for withdrawals either at
the ATM or over the counter, but such charges should not
apply to both services.
- The
minimum balance on which interest is to be paid should not
exceed $300.00.
The
Bank’s periodic assessments have revealed that, to a large
extent, the commercial banks are complying with the guidelines
established in 2001. In the cases where other charges have been
the subject of frequent complaints the Bank is in discussions
with the specific institution.
The
above statement is issued for the information of the public.
February 13, 2004
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