Governor of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine, has expressed concern that increased bank fees could result in depositors’ loss of savings and incentive to save.
“The increase of fees in any bank can, in fact, result in depositors — especially the smaller ones — losing savings,” he said, in a statement this week. “So, that’s a concern, loss of savings and the incentive to save because all of a sudden you’re not feeling as if you’re adding, you’re subtracting.”
Recently RBTT Bank announced an increase of $25 for its services. Following the announcement, customers in St. Vincent descended on the institution to withdraw their funds. DNO understands the same measure was instituted by the bank in Dominica but no press releases have been issued on the matter. DNO has contacted the bank’s headquarters in Trinidad and is awaiting a response.
Antoine advised depositors to weigh their options “carefully and thoughtfully”, in terms of the products offered by various institutions, and customers’ individual needs and financial goals.
“You also need to think about what your plans are in terms of your financial goals, and keep that in mind, and figure out who can best help you go forward with your plans and your goals…” he suggested.
He also said banks should be more transparent in their actions and give customers more information on decisions made within the establishments.
lol, we forget the new banking act ECCB?
Beware of strangers bearing gifts.
The ECCB is a private company with private, foreign shareholders. However, despite that, it decides on the monetary policy of its member countries. ‘DECIDES’ :).
Now, ask yourself. Who is really in charge of Dominica and who is behind all this ‘smoke and mirrors’/ ‘good guy, bad guy’ stuff’ ?
Simply put, the increase is too high. It is highway robbery.
Does RBC not know about its customers finances, who could probably afford the increase and who could not?
It seems like we’ll have to build a safe in our homes, so we can save our monies? We have not heard or read any statement from the finance minister and head of the island? What a leader!
Most people feel that way. It is a wise idea. Do not tell anyone about that safe. If you know what I mean.
Thanks Governor
I called the manager of the branch in Roseau. Dominica and she confirmed that yes , the charges were levied from the first week of May. I expressed my deep concerns as no advance notice was given but the bank has taken my money without my authority.
Had the bank given advance note, I would have withdrawn my savings, so I am asking them to repay the charge as I was not given the option, to withdraw my savings before this exorbitant charged were imposed.
The bank has set a dangerous precedent .
Thou I feel the sentiments of the Mr. Antoine, these are just words and no actions about a serious matter that could even affect the very existence of an entire region . (the poorest countries will fall first of course)
Some one like him should have expressed more tangible examples that the ordinary man will understand as far this problem goes.
This banks have been Loan Sharking for al these years in foreign countries and kept on pushing the barriers to see how far they can go. It is about time we the people push back and show them who holds the power.
Save locally is one way. Credit Unions
We work so hard those days to earn a dollar and the banks turn around and impose all sorts of ridiculous fees. You just watch your $’s disappear in front of your eyes.
What happens to us older folks who are on fixed income like pension, social security, etc.
Are we going to sit idly by and let this nonsense continue???
I guess one solution is to go back to the old days when we hid our money in all sorts of odd places in our homes. But then again, with the rate of unemployment so high, and all of the desparados out there, who knows…..That may not be a smart move after all.
HELP!!!!!!
The banks need to understand that it is the savings and other deposits of customers that make funds available to lend out to customers (loans, overdrafts, line of credit etc) and they can only make money pay interest on borrowed funds and other fees. Yet, when people go for loans they treat you like you are begging and the scum of the earth and if you had money you would not be coming to us. Some of the staff are so “upity” unfriendly, and unprofessional. They will just look at your documents and turn you down. No training in finance that they can suggest ways and means to help you consolidate loans, institute a savings plans, nothing.
Then you want to just increase fees on people’s savings when it is people’s savings that is making funds available to you. People should go in droves and withdraw their money and put it in the credit unions. At least in the credit unions one is a member/shareholder but in the banks one is just a customer.
Thanks Governor! This story is as important as anyone featuring Dominica’s Prime Minister, Mr. Roosevelt Skerrit. It concerns the financial future of Dominica. Yet still it has generated little if any reaction since publication. Says a lot about what interests us – partisan politics all the way.
This P.M is part of the problem. So he won\’t care 2 cents who suffers. The people of Dominica has to come off that cool-aid and realize that these guys do not care about them .