Banks are prepared to take into account the special needs of the elderly who have no choice but to use them to access their pensions.
However, says head of the Barbados Bankers’ Association, Horace Cobham, they are yet to consider whether they will waive penalties on those accounts when deposits are below a set minimum.
Cobham told the WEEKEND NATION the matter would be addressed at the organization’s meeting in a week’s time. The discussions will come about a month before a deadline given to the first group of pensioners affected by the National Insurance Scheme’s (NIS) new policy, to provide bank or credit union account information.
“It is something which I will put on the agenda for discussion so that we will see what the issues are that we have to manage and how we will respond as an industry,” the president said in an interview yesterday.
Read the full story in today’s WEEKEND NATION.
