The Tribune

EDITOR, The Tribune

In times past, I used to make a lump sum payment on my Canadian $$ credit card in order to cover purchases that I would make for family in Canada at Christmas. However, RBC Canada will no longer allow you to have a credit balance on your credit card and so I now must make payments as they come due. I recently availed myself of the much touted “RBC online banking wire transfer option” to pay my RBC Canadian $$ credit card. This was chosen in lieu of the regular $ 6 draft option due to the unreliability of our post office which cannot deliver mail at the best of times, let alone during the holiday season.

The amount to be paid was $90.63 and I input the required details, sent in my back-up document and went about my day happy that the process was so fast and easy. Then I saw the charges...in order to pay $90.63, the Bahamian $$ equivalent of $69.77, I was charged $44.17!! broken down as follows: -

Credit card payment $ 69.77 (CND $$ @ 0.7763)

Stamp Tax $ 1.05

Cable charge $ 20.00

VAT $ 2.40

Wire charge $18.50

VAT $ 2.22

How can this be possible? I do the work for them, provide all the details and then they charge me 63% processing? Is the Central Bank aware of what these banks are charging Bahamians? In my play book this reads extortion — Central Bank, how about yours? When are you going to stop these banks from excessively charging fees on top of fees and stand up for Bahamians? The banks made plenty money in the past...now that things are tough they want to put it on us yet again?

Sure wish our Central Bank would stand up and be counted......

COLLEEN P DUNKLEY

Nassau

December 12, 2019