ECCU to analyse, assess commercial bank fees

A comprehensive analysis and assessment of the suitability of fees charged by commercial banks in the Eastern Caribbean Currency Union (ECCU) is to be carried out.

The study of the fees will be undertaken by an ECCU Working Group on Commercial Banks Fees and Charges, which was officially established with the convening of its first meeting on June 30, 2016.{{more}}

A communiqué from the Eastern Caribbean Central Bank (ECCB) said the Working Group’s assessment would encompass engagements with key stakeholders, including the ECCU Bankers Association and a review of fees and charges in selected CARICOM territories.

The communiqué was issued following the 85th meeting of the Monetary Council of the ECCB, which was held under the chairmanship of the Prime Minister of Antigua and Barbuda, Gaston Browne, on July 22, 2016 in Antigua and Barbuda.

“The Monetary Council recognises that increases in commercial banks’ fees and charges impose an additional financial burden on customers. Council also expressed extreme concern that the increase in fees was implemented after it had approved the reduction in the Minimum Savings Rate (MSR).

“The ECCB continues to monitor these charges closely, and with the aid of the ECCU Working Group on Commercial Bank Fees and Charges, would continue its progress towards the development of a framework to address the fees and charges of commercial banks,” the communiqué said.

The ECCU Working Group is expected to submit its final report to the 86th meeting of the Monetary Council, which is scheduled for October 21, 2016.