Some Barbadians want to know what Minister of Finance Chris Sinckler plans to do about the local banks he says have charges that are “way out of line”.
In the SUNDAY SUN, Sinckler said he believes customers should also exercise their options.
The Nation’s online readers spoke out against the high charges and called on the minister to use his power to address the issue.
Raquel Gilkes asked: “What is Chris Sinckler planning to do about these banks he is complaining about?”
She said the Minister of Finance could decide to make the banks stop.
Sincker said he personally believed the bank fees were too high. He said Government could only use moral suasion as it was not in a position to tell the banks what to do.
However, Opposition Leader Owen Arthur refuted this stating there was legal recourse. He said under the Financial Institution Act 1997 Sincker had to authority to take action.
These are just some of the comments from online readers on this issue.
Jebarrie Prescod said the high fees were particularly unfair since Barbadians were usually loyal to their banks. He realized too that bank hopping was not prevalent, particularly among older people.
“The rates I see certain banks charging I wonder how they maintain their clientele” he added.
Wayne Griffith questioned how the banks could be deemed out of line, when the power was with the people who determined who gets their money.
Katrice Houghton-Marshall said: “Banks have no duty to be ‘fair’. They give you a contract and charge you fees and you decide if you want to play with them or not.
Alan Yearwood wrote: “Banks no longer make their money the old-fashioned way. Today it’s all about fees with creative names. A nickle here, a dime there and it all adds up. Some even charge a fee on deposits. Essentially you pay to lend them your money. If you’re able, and depending on your circumstance, join a credit union or an online ban”.
Melvin Skeete posted: “Banks are a negative and greedy force in any society… Instead of implementing business strategies that can increase efficiency and productivity to increase profit they look for the easy way out, that is increasing fees and introducing hidden fees.What services are banks offering today that they were not offering ten years ago that justify these increase fees?”