Searchlight Logo
special_image

    • News
      • Front Page
      • News
      • Breaking News
      • Press Release
      • Features
      • Special Features
      • From the Courts
      • Sports
      • Regional / World
    • Opinions
      • Editorial
      • Our Readers’ Opinions
      • Bassy – Love Vine
      • Dr. Fraser- Point of View
      • R. Rose – Eye of the Needle
      • On Target
      • Dr Jozelle Miller
      • The World Around Us
      • Random Thoughts
    • Advice
      • Kitchen Corner
      • What’s on Fleek this week
      • Health Wise
      • Physician’s Weekly
      • Business Buzz
      • Hey Rosie!
      • Prime the pump
    • ePaper
    • Obituaries
      • In Memoriam / Acknowledgement
      • Tribute
    • Contact Us
      • Advertise With Us
      • Letters To The Editor
      • General Contact Information
      • Contact our Webmaster
    • About Us
      • Interactive Media Ltd
      • St. Vincent & the Grenadines
    • Subscribe
    • News
      • Front Page
      • News
      • Breaking News
      • Press Release
      • Features
      • Special Features
      • From the Courts
      • Sports
      • Regional / World
    • Opinions
      • Editorial
      • Our Readers’ Opinions
      • Bassy – Love Vine
      • Dr. Fraser- Point of View
      • R. Rose – Eye of the Needle
      • On Target
      • Dr Jozelle Miller
      • The World Around Us
      • Random Thoughts
    • Advice
      • Kitchen Corner
      • What’s on Fleek this week
      • Health Wise
      • Physician’s Weekly
      • Business Buzz
      • Hey Rosie!
      • Prime the pump
    • ePaper
    • Obituaries
      • In Memoriam / Acknowledgement
      • Tribute
    • Contact Us
      • Advertise With Us
      • Letters To The Editor
      • General Contact Information
      • Contact our Webmaster
    • About Us
      • Interactive Media Ltd
      • St. Vincent & the Grenadines
    • Subscribe
News
May 24, 2016

ECCB has no power to regulate bank charges

The Eastern Caribbean Central Bank (ECCB) has advised that it does not have the powers to regulate commercial banks’ fees and charges, but encouraged commercial banks to explain to their customers and the public at large, their rationale for the increases in fees and charges.

In a release issued yesterday, the St Kitts based Bank said it is concerned about the increase in commercial banks’ fees and charges across the Eastern Caribbean Currency Union (ECCU) and the effects on depositors.{{more}}

“The ECCB wishes to advise that it does not have the powers to regulate commercial banks’ fees and charges. As a consequence, individual banks determine their fees and charges,” the release said.

Last week, scores of depositers converged upon the local branch of RBTT Bank Caribbean Ltd, many with the intention of withdrawing their money from the bank. The rush on the financial institution came after the publication in a local newspaper on May 13 that a fee of $25 a month would be charged by the bank on saving accounts, with $12.50 being withdrawn from accounts held by senior citizens.

The release from the ECCB also advised that Article 34 of the ECCB Agreement permits the ECCB to regulate the minimum savings rate, that is, the minimum interest rate paid on savings deposits.

“The issue of bank fees and charges has been discussed by the Monetary Council which is the highest decision-making body of the ECCB. The Monetary Council comprises the eight Ministers with responsibility for Finance in the ECCB member countries. At its 83rd meeting held on 6 November 2015, the Monetary Council approved several recommendations related to bank fees and charges. These included:

1. Establishing an Office of the Ombudsman for Financial Services to mediate on behalf of customers with complaints and address other dispute resolution matters.

2. Establishing a Working Group to review commercial banks’ fees and charges and to report its findings and recommendations to the Monetary Council. This review will include the compilation of data from the ECCU and other jurisdictions within CARICOM.

3. Encouraging the ECCU Bankers Association to use moral suasion to establish a defined range of fees for various products and services which would be published for public information. “

The release also said: “Commercial banks operating within the ECCU are encouraged to explain to their customers and the public at large, their rationale for the increases in fees and charges.

“The ECCB encourages customers to remain calm, carefully consider their banking options and determine what services best meet their needs at this time.”

RBC Royal Bank, in a release issued May 20 from its headquarters in Trinidad and Tobago, said it “recognizes that any change in pricing or fees is a sensitive topic for clients and we work hard to keep costs down. On an annual basis, we review our products and services and sometimes adjust the pricing to reflect the cost of doing business.

We believe we continue to deliver good value and competitive pricing and we encourage our clients to call us or visit their branch to meet with their financial advisor to ensure they have the banking options and advice that best meet their needs.”

  • FacebookComments
  • ALSO IN THE NEWS
    Free movement of  people in 4 Caricom states begins tomorrow
    Front Page
    Free movement of people in 4 Caricom states begins tomorrow
    Webmaster 
    September 30, 2025
    Many Vincentians and other Caribbean Community (CARICOM) nationals are welcoming the decision by four CARICOM governments to institute the free moveme...
    ‘Unprincipled  non-state operators in Europe seeking to pollute” elections in SVG – PM Gonsalves
    Front Page
    ‘Unprincipled non-state operators in Europe seeking to pollute” elections in SVG – PM Gonsalves
    Webmaster 
    September 30, 2025
    Prime Minister Dr. Ralph Gonsalves, told the United Nations (UN) General Assembly a few days ago that entities in the international sphere are seeking...
    Bramble promises $1 million from CBI money for 50  businesses in East Kingstown
    Front Page
    Bramble promises $1 million from CBI money for 50 businesses in East Kingstown
    Webmaster 
    September 30, 2025
    The opposition New Democratic Party (NDP), moved its campaign to Sion Hill last Saturday, September, 27,2025 as it seeks to retain its hold on the Eas...
    PM calls at U N meeting for better deal for Taiwan, Haiti
    Front Page
    PM calls at U N meeting for better deal for Taiwan, Haiti
    Webmaster 
    September 30, 2025
    Prime Minister, Dr Ralph Gonsalves renewed his call at the United Nations for the inclusion of Taiwan in the organisation’s specialised agencies. Deli...
    Over EC$700,000 paid to VincyMas 2025 Winners
    Front Page
    Over EC$700,000 paid to VincyMas 2025 Winners
    Webmaster 
    September 30, 2025
    More than EC$700,000 in prize money was handed out to the 2025 VincyMas winners, on Sunday night, September, 28,2025, at Carnival City, Victoria Park....
    Caribbean launches Shelter Working Group to boost Disaster Preparedness
    Press Release
    Caribbean launches Shelter Working Group to boost Disaster Preparedness
    Webmaster 
    September 30, 2025
    As the Atlantic Hurricane season reaches its peak, more than 47 disaster management professionals from across the Caribbean and beyond have joined for...
    News
    Rose Place woman  remanded for threatening to “blow out” man’s head
    From the Courts, News
    Rose Place woman remanded for threatening to “blow out” man’s head
    Webmaster 
    September 30, 2025
    A woman who resides at Rose Place was remanded after threatening to “blow out” a farmer’s head. Rasharma Pollard appeared at the Kingstown Magistrate’...
    Court grants father’s request for jail time for his son
    From the Courts, News
    Court grants father’s request for jail time for his son
    Webmaster 
    September 30, 2025
    A father’s request was granted when his son, who had pointed a gun at him, was imprisoned. Simon Simmons appeared at the Kingstown Magistrate’s Court ...
    Cervical cancer initiative launched in SVG
    News
    Cervical cancer initiative launched in SVG
    Webmaster 
    September 30, 2025
    Cervical cancer is one of the few cancers that can be prevented and even eliminated, provided that countries strengthen their vaccination, screening, ...
    Prayer sustains woman  caring for her husband who has Alzheimer’s Disease
    News
    Prayer sustains woman caring for her husband who has Alzheimer’s Disease
    Webmaster 
    September 30, 2025
    The world recognized Alzheimer’s Day on September, 21, 2025, but for the Muhammad family, of Largo Height, Alzheimer’s is an everyday reality that is ...
    Librarian and Poet uses  spoken-word as a relief Valve
    News
    Librarian and Poet uses spoken-word as a relief Valve
    Webmaster 
    September 26, 2025
    Often times, people’s struggles, insecurities, physical issues and inner pain are masked by an exterior that looks strong, poised and well put togethe...

    E-EDITION
    ePaper
    google_play
    app_store
    Subscribe Now
    • Interactive Media Ltd. • P.O. Box 152 • Kingstown • St. Vincent and the Grenadines • Phone: 784-456-1558 © Copyright Interactive Media Ltd.. All rights reserved.
    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok