ECCB Governor concerned about impact increase in commercial bank fees & charges could have on depositors
Governor of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine, says he is concerned about the impact the increase in commercial bank fees and charges could have on depositors.
The Governor’s statements come on the heels of a $25 service charge per month on savings accounts which has already been implemented in some countries in the region.
In fact, the Royal Bank of Canada, Dominica Branch is said to be implementing this charge as of last week.
Antoine says while the ECCB has been encouraging persons to save and invest and to enter into the banking system, he is concerned the increase in fees can result in depositors losing their savings.
He says persons could also lose the incentive to save.
The ECCB Governor is calling on depositors to weigh their options very carefully.
Governor of the Eastern Caribbean Central Bank Timothy Antoine
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