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 will publish 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.
Although the standard publishing cycle will be every six months, the Bank advises that it may update its website within that period, should there be material changes to the structure of the select fees published by the Bank.
The Bank noted that while it has attempted to compare fees for similar services across institutions, there may be instances where banks may differentiate between products listed in the same category. It is also worth noting that the list is not exhaustive and therefore members of the public are encouraged to use the schedule as a guide as they undertake their own due diligence.
The Bank also informs that it has updated its guidance to industry on bank charges as set out in the Appendix to this Release. In addition, the Bank requires that commercial banks:
The public is also asked to note the following guidance that banks are required to follow:
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