A revolt by bank customers and an expanded role for Barbados’ credit unions in the daily financial lives of Bajans are the steps probably needed to force commercial banks in Barbados to eliminate or reduce many of their “unreasonable” fees, says John Beale, a former banker.
Beale, a former chief executive officer of RBTT Bank (Barbados) Limited and later Barbados’ Ambassador to the United States and the Organisation of American States during the last administration, said many of the fees being imposed on Bajan consumers were far too onerous and couldn’t be justified by any stretch of the banking imagination.
Little wonder they were triggering the wrath of bank consumers, including businesses, but especially households who were feeling the brunt of the financial fallout. Consumer anger should spawn a revolt, Beale told the Sunday Sun. (TB)
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