In the light of new bank fees announced by RBC Royal Bank, the National Consumers Association has urged consumers to consider their choices.
“There are other banks that have not had any charges applied to deposit accounts,” NCA President, Trevor Albert, told the Times.
Albert noted that charges for deposit accounts do not exist at credit unions and cooperatives.
He said members of the public would benefit by considering the choice to save their money where they are not disadvantaged by bank fees.
The NCA President told the Times that his organization considers it very unfortunate and a sad day for consumers that banks can freely impose twenty-five dollars on deposit accounts, with no way of stopping them from so doing.
He recalled that the Eastern Caribbean Central Bank (ECCB), has said that it has no power to regulate the bank fees.
Albert observed that besides calling for change, the NCA can appeal to three other organizations to intervene.
He listed them as the Saint Lucia Chamber of Commerce, the Caribbean Association of Bankers and the Monetary Council of the ECCB, made up of Finance Ministers of the OECS.
“We cry out to these organizations to bring the banks together to change that,” the NCA President told the Times.
He asserted that that the indigenous bank – 1st National, has slashed its fees and charges on deposits.
“Why can’t bigger banks do that?” The NCA President asked.