Banks should explain better says ECCB
THE EASTERN Caribbean Central Bank (ECCB) is asking commercial banks in the region to provide more information when it comes to certain products customers may not understand.
This, as over the years, complaints have been made to the ECCB regarding what some considered to be, or sometimes actually are questionable banking practices.
“…so, when you go to your bank to receive a financial product or service, you should be provided with a detailed explanation about the nature of the financial product you’re engaging, the terms and conditions associated with it…,” Chief Director Policy at ECCB Tracy Polius explained at a June 19 ECCB forum at its local offices in Frenches on the outskirts of Kingstown.
Polius said that when customers do business with a bank, they are most times required to sign a form to attest that they understand the terms and conditions associated with the product or service.
“…so, if the financial consumer does not understand the terms and conditions, they should not sign, and therefore they should get clarification…. The signature is an attestation that you understand the terms or conditions, so, we are requiring the banks to provide more information and more explanation, so people understand the products that they are procuring within the banking sector, the products that they are engaging in, that they are soliciting from the financial sector,” Polius said.
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