And while the economy is humming along, the Central Bank definitely hit a speed bump when as regulator it issued a Practice Directive forcing banks to lower fees charged to customers. It ended up in a legal challenge followed by a compromise agreement. This did result in lower fees, but then the banks introduced other charges to offset its losses in the other areas. Slightly defeated, the Governor says his efforts to lower banking charges. Will continue:
Kareem Michael, Governor, Central Bank
"What we've been trying to do is lower costs on certain banking services. And I'm sure the media is well familiar with this battle. Earlier this year, the banks agreed to cap all ATM fees at 25 cents per transaction and reduce online transfer fees by over 50 percent."
"Additionally, the banks reduced fees for early payout on residential mortgages and removed fees for transfers between owned bank accounts and they removed fees for savings account maintenance. So on one hand, ATM fees and online transfer fees have been lowered but on the other hand, fees for other services such as over-the-counter withdrawal and check clearings have increased."
"So the Central Bank's push for an inclusive fee structure is still unfolding."
The governor says that next year all bank charges will be published on the Central Bank website so consumers can judge for themselves which is most affordable.
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