Governor of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine is concerned over the potential loss of depositors’ savings as a result of high bank fees and charges.
Speaking on the Central Bank’s podcast ECCB Connects on May 25th, Governor Timothy Antoine explained how that could happen.
The issue of increasing bank fees has been discussed at the highest levels in the region but was thrust into the forefront recently when the Royal Bank of Canada and its subsidiaries announced a $25 monthly charge on personal accounts. Customers in St. Vincent responded by pulling their monies out of the banks in protest.
Antoine said high commercial bank fees could leave depositors to feel they are being pushed out of the banking system. He advised persons to weigh their banking options carefully when deciding where to take their business.