Dominica to be impacted by changes in the banking sector

Dominica is one of eight countries set to be impacted by proposed changes to the regional banking sector.

Dominica is one of eight countries set to be impacted by proposed changes to the regional banking sector, as the Eastern Caribbean Central Bank (ECCB) looks to ramp up protection for consumers.

The proposed changes come in response to the periodic increases in transactions and other fees by some financial institutions, without any substantial engagement with the region’s monetary authority.

Governor Timothy Antoine explained just how little influence the ECCB currently has on the banks raising fees and the like.

“We have to make sure that depositors’ funds are safe. That is what our focus is. So, when a financial institution wants to adjust their fees and charges, the only thing the law allows us to do is to ask them why and ask them whether they have given adequate notice which is 30 days. We cannot say no or even say yes,” he explained.

The bank’s Chief Director of Policy, Tracy Polius, revealed that their goal is to pass independent legislation within the Eastern Caribbean Currency Union (ECCU), that addresses the conduct of financial institutions such as banks, allowing for greater consumer protection.

Both officials were speaking during a recent media engagement in St Lucia.

Polius added that a Conduct Authority will be established, led by the bank, and with support from each of the countries in the jurisdiction. However, no timeline has yet been set for the implementation of these changes.

The ECCB is the Monetary Authority for a number of Eastern Caribbean countries including Antigua and Barbuda, Dominica, Grenada, St Kitts & Nevis, and St Lucia.

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11 Comments

  1. LifeandDeath
    September 26, 2022

    Legislation to protect Consumers, how? The article is still very ambiguous.
    It started off like they were gonna block questionable online transactions outside local jurisdictions, then spoke about Bank Fees.
    Both areas need monitoring

  2. jaded
    September 26, 2022

    I think that it is daylight robbery to charge monthly fees on savings accounts. For many people of meager means, a savings account is the only method that they have of accumulating some savings in a safe and secure environment; and to have the banks steal a portion of it every month is cruel, dishonest, and despicable.

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  3. Zandoli
    September 26, 2022

    I am getting ready to transition toward spending more time in Dominica and I was thinking of opening a bank account that I could use to transfer funds into. The plan was to have funds available when I visit or to grow the amount for the day that I eventually move back. But when I saw the enormous monthly fees they charge, I decided against the idea, at least for now.
    My bank does not charge a monthly fees for chequing accounts if customers maintain a certain minimum amount in the account. But it seems like the local banks in Dominica don’t give breaks for any amount held in the account. Not sure why they would not encourage customers to hold larger amounts at their institutions.

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  4. The Darkness
    September 26, 2022

    I do hope there are no weird clauses, or fine prints within fine prints.
    Example, I, the bank, can decide and dictate to the depositors when, how much, who can withdraw funds, as I, the bank, pleases.

    That simply will NOT do…

  5. May
    September 25, 2022

    This should have been done a long time ago. That would have prevented banks like RBL from implementing huge charges on customers especially those with credit cards. As soon as they took over from Scotia bank that was it.

  6. KalingoJustice
    September 25, 2022

    That slave plantation mentality island will sink under the one-man rogue regime!!!

  7. Skerrit & Mano Laundromat Inc
    September 24, 2022

    Corrupt leaders like ours in Dominica sure doesn’t help the situation. In fact they making things worse for us and the ECCB. Think of a then wanted criminal like Alireza Monfared that’s now in jail in Iran for money laundering. This wanted criminal was in bed with our top leaders, top police officers here in little Dominica for six months. I saw him several times with Skerrit and I have video to prove it. I also saw him on GA viclkles driven by top cops and members of Skerrit’s own security.
    So all of these corrupt actions of our leaders are destroying our little country and will no doubt help them put pressure on the ECCB.
    Let’s not forget during the invasion of Iran by Russia, a friend of Skerrit, China and Syria Skerrit felt the best thing to do was to go in bed with Syria. So lots of Skerrit’s decisions hurting us and just now Skerrit will cause us to hide our little dollar in a concrete hole in our house foundation. This is just the big inning of woes for us

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  8. I Still Red
    September 24, 2022

    The actions of corrupt leaders like Roosevelt Skerrit with his corrupt CBI passports causing all that hardship and more to Dominica. As a result of Skerrit’s corrupt and dangerous CBI program, banks like Scotia Bank, Barclays Bank, Bank Fracaise, and the Royal bank to run out of Dominica as if we have a jumbee here, people just imagine CIBC FirstCaribbean Bank is Caribbean bank but they are running out of Dominica as in terror as if Dominica is not part of the Caribbean! If we don’t want to hear we sure will feet because I can see it won’t be long before we hear of the closure of the National bank and possibly credit unions. Skerrit has Dominica shaking

    Well-loved. Like or Dislike: Thumb up 6 Thumb down 1
  9. smh
    September 24, 2022

    So what are the changes? Am I missing something or was there no mention of exactly what the changes were in the article?

  10. Jonathan Y St Jean
    September 23, 2022

    Late but I’m glad that the central bank is finally getting the backs of the consumer. In a place like Dominca where there isn’t much competition in the banking sector,this is most necessary. Don’t wait too long to finalize the process. Thank you ECCB.

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