The Eastern Caribbean Central Bank (ECCB) has expressed concerns about the interest in commercial bank fees and charges across the Eastern Caribbean Currency Union.
In a press release issued Tuesday, the ECCB advised that it does not have the powers to regulate commercial bank fees and charges and as a consequence, individual banks determine their fees and charges.
This comes on the heels of a $25 per month service charge on savings accounts which has already been implemented in some countries in the region.
The release further stated that commercial banks operating within the ECCU are encouraged to explain to their customers and the general public their reasoning for the increases in fees and charges.
The ECCB serves as a central bank for Dominica, Antigua & Barbuda, Grenada, St Lucia, St Vincent & the Grenadines, St Kitts & Nevis, Montserrat and Anguilla.
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