ECCB Governor addresses banks’ fees and charges

(ZIZ News) — In the most recent episode of ECCB’s weekly podcast entitled “ECCB CONNECTS”, The Eastern Caribbean Central Bank’s Governor, Timothy Antoine expressed concern “about the increase in commercial banks’ fees and charges across The Eastern Caribbean Currency Union (ECCU) and the effects on depositors.”

He mentioned that there was concern that depositors would be losing the interest to save their money at banking institutions.

“We’re concerned that the increase in fees at any bank can in fact result in depositors especially the smaller ones losing savings because if you have a savings account and maybe you may not be able to add much and you’re getting a charge every month, you’re actually losing your savings. So that’s a concern. Losing your savings and the incentive to save because all of a sudden you will not feel like you’re adding, you are subtracting”, he expressed.

Governor Antoine went on to advise depositors seeking financial guidance.

“My advice to depositors would be to weigh very carefully, your options. Look to see what institutions offer what products and what best meets your needs because this particular institution may not be best for you but another one might be, so you need to look at everybody and see what works for you. You also need to think about what your plans are in terms of the way you want to go with your financial goals and figure out who can best help you go forward with your plans and your goals”, the Governor added.

The Eastern Caribbean Central Bank is still 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.