Barbadians with savings and chequing accounts at CIBC FirstCaribbean International Bank have been hit with increased fees effective Sunday.
When they go into branches of that bank to deposit money, they will be charged $3. This transaction was previously free.
This comes as the Central Bank of Barbados reports that with commercial banks paying an average 0.1 per cent on savings, Barbadians were depositing less money in their bank accounts.
For the second time in four months, FirstCaribbean issued an adjusted list of fees charged on regular savings accounts, savings plus accounts and regular chequing accounts.
While the bank previously charged these categories of customers a service fee if their accounts fell below a minimum amount, effective July 1, it has abolished an average balance requirement fee and imposed a standard “monthly service charge” of $5.
The increase in fees comes as Barbadians are earning less interest on their savings accounts at commercial banks. (SC)
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