Bank Hike Looming
THE IMPACT OF GOVERNMENT’S Budget measures is about to hit commercial bank customers and it comes as one bank announced that from next month, a $1.50 fee will be charged on all paper credit card and savings account statements.
Royal Bank of Canada (RBC) earlier this week informed customers of the new fee as it tries to get thousands of account holders to use the online platform, and for the bank to eliminate the costs associated with printing and mailing monthly and quarterly statements.
President of the Barbados Bankers’ Association (BBA) Donna Wellington told the DAILY NATION she was yet to be apprised by her RBC colleagues on the new fee.
However, she stressed that the sector was still assessing how much it would cost banks to collect the two per cent foreign exchange commission on behalf of Government. (GE)
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