Thursday 15 November, 2018

Bitter banking pill at CIBC

(File Photo)

(File Photo)

Retail customers of CIBC First Caribbean International Bank will now have to dig a little deeper into their pockets if they wish to keep accounts in good order, as the financial institution recently announced an increase in fees effective July 1, 2018. 

The new fees will affect customers who hold regular chequing accounts, regular savings accounts as well as savings plus accounts.  

Although the average balance requirement has been withdrawn on most retail accounts, customers will now be charged a monthly fee of $5 to $10.  

In addition to the monthly service charge, if customers conduct over the counter transactions within the branches they will also be hit with a fee.  

For over the counter deposits and withdrawals on all accounts, the fee will be $3.  

Commerical banks have come under heavy criticism from Barbadians recently, especially since the slash of interest rates on savings accounts after the Central Bank of Barbados announced the removal of minimum savings rates in early 2017.   

At that time, CIBC adjusted their rates to between 0.05 per cent and 0.15 per cent.  

Other commercial banks have gone as far as to adjust their interest rate to 0.01 percent.


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