EDITOR, The Tribune.
The Central Bank must no doubt act and act quickly as there is such large discrepancy’s in Bank Charges under certain headings that it has to be questioned.
These banks are operating in the same country, down the same road in the same Plaza but, for example getting a paper statement how can there be a 50 percent difference between Bank ‘A and Bank C’?
Look at ‘stop payment’ fee - high at First Caribbean of $67.19 to a low - Scotia of $15.00 - if Scotia can accept a ‘stop payment’ fee of $15.00 why is First Caribbean asking $67.19?
Cashing a non client cheque, a big grumble with many people - RBC happy with a charge of $16.13 but the rest are all under $7.00 for the same service and cheques are cleared electronically, so why the difference?
Returned cheques - RBC-First Caribbean $37.63 the rest, Commonwealth as low as $10.75 to mid-rate for Scotia, BOB, Fidelity of $26.88 - why the difference RBC?
Monthly service charges - what does RBC give their customers the others don’t? Good question as RBC charges $16.13 for a chequing a/c against low for Commonwealth of $7.537 Why is RBC so expensive to do business with?
Editor - these charges are adding considerably to the cost of doing business ... clearing cheques is electronic, instant but try paying off a transfer immediately you still have to wait three-days - why Central Bank?
At least RBC does not charge pensioners any charges - boy you have to wait ‘til 65 to get something back worth something!
It might be cheaper to keep ya money under the bed or stone!
December 13, 2017.