Select Commercial Bank Fees
Effective July 15 2020, the Central Bank of Barbados (Bank) published a list of select fees for all five of the island’s commercial banks. The Bank will update the list semi-annually.
While the list does not include the full range of fees, the Bank has captured some of the most common ones that institutions charge on traditional products, so that persons in the market for personal/retail banking services can compare what various entities are imposing when making their banking decisions. Among the fees the Bank publishes are those related to minimum balances for savings and chequing accounts, monthly fees, charges for deposits and withdrawals, and some credit card-related fees.
The focus of the Bank’s initiatives is to prevent a disincentive for savings that could cause financial exclusion of savers with minimal balances.
To view the full press release please follow the link provided.
(Full press release)