Customers react negatively to RBTT monthly service fee

Scores of depositers flocked to the local branch of RBTT Bank Caribbean Ltd this week, many with the intention of withdrawing their money from the bank and closing their accounts.

The rush on the financial institution came after the publication last Friday in a local newspaper that a fee of $25 a month would be charged by the bank on savings accounts, with $12.50 being withdrawn from accounts held by senior {{more}}citizens.

SEARCHLIGHT visited the packed bank yesterday and spoke with some depositers, many of whom were angry.

Prominently displayed in the bank was a sign which read: “Personal Accounts Service Fee and Account Changes: At RBTT Bank we are committed to providing you with a range of products and services that offer convenience, flexibility and value to meet your needs. Effective May 23rd 2016, we will be introducing a new suite personal deposit accounts. Should you have any questions regarding these changes or if you would like to review your current personal banking requirements we would be happy to discuss the options that are right for you.”

One customer said that the fee was just too much, especially for persons who do not have a steady income to maintain their savings.

“Imagine if you have a savings account and you don’t have a steady flow of income…large enough to maintain that $25 a month, it means you are going to lose all your funds. So, poor people are going to suffer from something like that and most poor people are the ones who do their banking at institutions like these. So if I have $600 in the account and I left that sitting there for an entire year, at the end of year I am going to lose how much?”

She also said that she intends to close her account at the bank; however she is just waiting for the crowd to diminish.

Another customer was adamant that she just wants her money, as she thinks the fee is unfair.

One man, who asked to be referred to as “Charles,” noted that had the fee been applied to business accounts he would have understood, but placing such a fee on personal savings account was unfair.

“I think it’s unfair for the people who are in the bank, a savings account; you not supposed to be taking out $25 per month. It’s like a day salary that you are working for…and it’s very hard to be working for a day salary and you taking out a whole day from me,” he said.

Another client said that bank should have at least sensitized their customers before applying the $25 fee.

“I think the bank should have done a public awareness campaign… in advance before all of a sudden saying that you are going to put a $25 fee monthly, which is a lot of money.”

“Most people don’t deposit or have a savings, most persons don’t save on a monthly basis, and so if you have your money…and the bank taking out $25 every month now, you know you have no money in your account,” he added.

When SEARCHLIGHT attempted to get an official response from the bank, we were told that an official release would be made.(CM)