Sunday, October 20, 2019

RBC introduces new account fees

RBC in Saint Lucia will be introducing new account fees beginning on June 20, 2016, the bank has confirmed.

RBC Managing Director for the Eastern Caribbean, Isaac Solomon, has disclosed that the new fees will affect regular savings accounts.

isaac-solomonHowever Solomon said that the charges would not affect senior citizens over the age of sixty and savers under the age of seventeen.

Just recently, RBC clients in Antigua reacted angrily to news that holders of Personal Savings and Personal Banking accounts would be required to pay a monthly fee of twenty-five dollars.

Some of the clients vowed to end their business relationship with the financial institution.

“We really do not want our clients to be taking inappropriate or ill-advised decisions, but I am pretty sure once clients come in and speak with financial advisors they will be able to make the right decisions based on accurate information,” Solomon said.

The RBC official stated that the bank is aware that changing fees is normally a sensitive matter for clients.

He explained that the bank tries its best to keep those costs down.

However he observed that the new “deposit suite” is really an alignment of services that RBC is providing and the cost of providing that service.

“I think we are in a very dynamic space and following the financial and economic meltdown in 2008 not only banks, but businesses worldwide have had to re-look their strategies – look at how they position their business to remain resilient,” Solomon said.

He recalled that across the Eastern Caribbean last year, RBC took some bold decisions in consolidating its operations here in Saint Lucia by downsizing its footprint significantly, to match the market opportunity.

According to the banking official, in the Eastern Caribbean where economies are not as diversified  as many of the sub-region’s Caribbean neighbours or even the rest of the world, it is more difficult to rebound out of the protracted recession.

“So basically all that we are doing is trying to make sure that our franchise is resilient in these tough economic times, but it is a situation that faces the rest of the world,” Solomon declared.

 

 

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