The Eastern Caribbean Central Bank (ECCB) is reported to be working along with commercial banks in Grenada and the rest of the region to address the issue of increasing bank fees.
It’s an issue that has been on the front-burner of discussion for economic planners in the recent past.
ECCB Governor, Timothy Antoine, says discussion is ongoing with local banks to reduce the high fees, which he sees as a result of the high cost to cover operations at the banks.
He says the compliance costs are real, in view of dealing with cyber security and countering fraud and that now leaves a challenge for small banks, bearing the burden alone.
The ECCB Governor emphasizes the urgent need for a solution and that the ECCB continues to advocate for consolidation between the commercial banks to help reduce fees and administrative costs.
Customers of commercial banks operating in the ECCU region can now access the schedule of selected fees and charges by the respective banks so that customers can be provided with information.
