Bajans get ease on bank fees

The Central Bank of Barbados has confirmed that Bajans opening new bank accounts can do so free of controversial maintenance fees.

The monetary authority revealed that from June, Barbadians have been able to open a bank account free from maintenance fees at any of the six commercial banks operating here.

The news comes as commercial banks have increased their profits, with the Central Bank urging them to focus on growing their earnings via lending, and less from maintenance fees.

The commercial bank regulator recently reminded Barbadians via social media that they can open a bank account at any commercial bank without having to pay a maintenance fee.

“When you have certain savings or chequing accounts, banks charge you a monthly fee. That is the maintenance fee. In addition to those accounts, each bank will now have at least one savings account for which they do not charge this monthly fee,” the Central Bank said, as it encouraged customers to “get full details about the account directly from the bank.” (SC)