Commercial banks have been springing bank charges and fees on consumers like a “thief in the night”

Strong guidelines may soon be put in place by the Eastern Caribbean Central Bank (ECCB) Monetary Council to put an end to the practice of some commercial banks of springing bank charges and fees on consumers like a “thief in the night”.{{more}}

This, according to Prime Minister Dr Ralph Gonsalves, outgoing Chairman of the ECCB monetary council, who reported to the media about the just concluded 59th Meeting of the Monetary Council held in Anguilla last Saturday, July 21st.

Dr Gonsalves said that the Monetary Council sought to address the issue of commercial bank fees and charges because the fees are implemented too arbitrarily.

“They bring charges, sometimes you go and you are bewildered at the extent of the charges brought by the bank,” Dr Gonsalves said at a press conference last Monday 23rd.

He said that with the impact that non-interest bank fees and charges can have on credit, it was important for the monetary council to address the situation.

The council decided to issue a code of best practices as it relates to the disclosure and transparency in bank fees and charges.

“If you know what every one is charging you would know how to shop around and who you go to bank with,” Dr Gonsalves said.

Additionally the counsel considered putting regulations on bank fees and charges in place and also explored ways whereby they could publish information on bank fees and charges.

“There are many many people, ordinary people who do business with the banks and complain,” Dr Gonsalves said, as he reiterated the need for regulatory measures and guidelines to be implemented to address these concerns.(KJ)