St Vincent and the Grenadines two main political leaders are urging citizens to seek advice before making a decision on whether or not to withdraw their funds from the RBTT Bank here following a decision by the financial institution to increase fees for its services.
Many customers have descended on the bank indicating a willingness to withdraw their funds after the Trinidad-headquartered financial institution announced an EC$25 (One EC dollar=US$0.37 cents) monthly service fee.
“I would tell persons to make their own judgement,” Prime Minister and Minister of Finance Ralph Gonsalves said on radio, a day after Opposition Leader Arnhim Eustace had told listeners to do the same.
Gonsalves said that the fees “just came out of nowhere and they are excessive” and that if a depositor has a sufficiency of money and feel they can bear the EC$300 annual fee, they can choose to do so.
“If not, move it and put it somewhere else. The only thing is this: I believe that RBTT is not mourning the loss of a number of small accounts you know. Because it is expensive for them to maintain small accounts,” Gonsalves said.
He said he had been waiting for the Eastern Caribbean Central Bank to make a statement on the matter — which they did on Monday.
The ECCB said it was concerned about the fees that some commercial banks across the currency union has levelled on accounts, but noted that it does not have the legislative authority to regulate these fees.
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