(ZIZ News) — The Eastern Caribbean Central Bank has expressed concern “about the increase in commercial banks’ fees and charges across the Eastern Caribbean Currency Union (ECCU) and the effects on depositors.”

In a statement dated 23rd May 2016, the ECCB advised that as it stands, individual banks determine their fees and charges”, as it “does not have the powers to regulate commercial banks’ fees and charges”.

It was also revealed that the issue of bank fees and charges has been discussed by the highest decision-making body of the ECCB, the Monetary Council and several recommendations were approved.

The ECCB is encouraging commercial banks operating within the ECCU to explain to their customers and the public at large, their rationale for the increases in fees and charges.

And like Prime Minister Dr. Hon. Timothy Harris, the ECCB is encouraging customers to remain calm, carefully consider their banking options and determine what services best meet their needs.