All of Barbados’ commercial banks will now offer at least one bank account without any maintenance fees attached. This was announced by Deputy Governor of the Central Bank of Barbados, Alwyn Jordan, during a recent press conference to review Barbados’ economic performance.
“For the last few months, we have been actively engaging the banks on the issue of fees. All of them have committed to having an account that charges no maintenance fees, inactivity fees or service fees. This will allow Barbadians to have access to at least one bank account without incurring such charges.”
Jordan revealed that this is a continuation of the Central Bank’s effort to encourage commercial banks to move away from their reliance on fee income. “We want the banks to focus on financial intermediation rather than supplementing income through these fees.”
In October 2021, the Central Bank mandated that commercial banks could not charge their clients for using their owned ATMs and capped the amount they can charge their clients for using other banks’ machines at $3.00 per transaction.
Jordan noted that while every bank will offer a no maintenance fee account, each institution can offer different services for that account and that the terms and conditions could vary. He therefore suggests members of the public to contact their bank directly. “Persons should indicate to their commercial bank their interest in accessing a no maintenance fee account and request detailed information about what that account offers.”