The Governor of the Eastern Caribbean Central Bank (ECCB) Timothy N. J. Antoine has outlined measures the ECCB is taking to address the issue of bank fees and charges, acknowledging that ‘it is a real issue’ causing genuine concern among the people of the Eastern Caribbean Currency Union (ECCU).
Responding to a question during a live interview ‘Conversation with the Governor’ in Saint Vincent and the Grenadines, Governor Antoine said the ECCB, being mindful of the concerns, has taken steps to prepare legislation to set up an ‘Office for Financial Conduct.’ The Governor says this office will provide guidance and in some cases mediate and resolve issues that arise in respect of bank fees and charges.
While the ECCB is working on this framework, Governor Antoine is encouraging customers across the ECCU to do what they can to help themselves by looking at and utilising all the options available to them. “In many cases, the digital options available in the banks are cheaper if not ‘free’ and we want to encourage customers to use these digital channels as much as possible to minimise your fees and charges” the Governor advised.
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