Antigua Observer:-Clients of the local RBC Royal Bank branch have reacted angrily to the news that holders of Personal Savings and Personal Banking accounts at they will be required to pay a monthly fee of $25 on each account as of next month, and said they will be ending their business relationship with the bank.
This was communicated in notices posted around the bank’s only branch in Antigua, which advised customers that “effective June 20th, 2016, (RBC Royal Bank) will be introducing a new suite of personal deposit accounts and changing some of (the) fees and charges.”
The new requirement means that customers remaining with the financial institution for personal banking would pay the bank $300 for the year and $1,500 over five years.
“I saw the notice and didn’t think much of it, but $25 per month to lend the bank my money that they turn around and lend people at a way higher rate thant they give me back in interest, I’m not for it. I will certainly be leaving the bank before the charges take effect,” one customer of more than 15 years said.
Another who was in the queue yesterday said, “It’s like the bank want people to leave, because $25 per month is craziness. If you have $110 it means that in a month you will drop below the minimum $100 that attract $5 per month and in a year, the customer will owe the bank.
“It’s pure madness, time to jump ship.”
Although the notices, which were displayed at each teller station and above the bank’s ATMs, did not disclose the account types of the fees they would attract, but OBSERVER media was able to obtain the information from the RBC’s website.