EDITOR, The Tribune.
Why are Bahamians so complacent and accepting of the local banks avaricious almost predatory way of doing business in this country?
At almost every turn we are seeing new and increased fees and charges for “service” but are seeing little in the way of the services we are charged for.
Something as simple as producing a bank statement in a timely fashion, case in point, I received my December statement from CIBC today post marked January 28th and have yet to receive my credit card statement from RBC even after being promised by the Credit Card Centre a week ago that they were on top of it.
I can already see them rubbing their hands together in anticipation of those late fees.
And don’t bother blaming the Post Office, for while their service is just as abysmal as that of the banks, at least we don’t have to pay them for services NOT rendered.
We are expected to gratefully accept 1 ½ per cent interest on our deposits whilst joyfully embracing the vision of paying the bank a minimum of 9 per cent to borrow our own money, as if one could be that desperate, in addition to paying a “service” fee of $1.50 for every cheque written or ATM transaction from machines which are out of service oft as not.
I would therefore be very much obliged to be granted some of the “service” that I pay so handsomely for each month, but seldom receive.
IAN MABON
Nassau,
February 3, 2015.
Comments
ohdrap4 9 years, 9 months ago
things are better if you take service online. two of the banks i patronize are excellent with the online service, and i pay most bills now online.
the credit card rate is high at 18% , but only kicks in after the due date. the cash advance rate is truly ususrious at 21% and kicks in immediately. i would only use that in case of true emergency.
but, since these banks downsized, the customer service is excellent and poeple even greet me by name.
Sickened 9 years, 9 months ago
In jest I must ask... in which country do you do your banking???
Economist 9 years, 9 months ago
The Central Bank is a big part of the problem They are the regulators, but as can be seen by the Bank of The Bahamas fiasco, they are doing nothing.
Romrok 9 years, 9 months ago
Heh. They are thieves. After my mother passed away, we could not get answer on if she had other accounts. At one bank we had an employee tell us, which I'm told they are not supposed to tell you, that she had accounts we didn't know she had. 6 years later with lawyers fighting the bank, we got nearly 30 grand in money that they decided to hide from us. how about the "not enough money in account fee"? So many Bahamian folk are living had to mouth, but they have to keep more than 500 in the bank or they take 5 dollars a month service fee? I thought the bank paid you for your money. I got the notice a few weeks ago that commonwealth is charging a dollar a month for a savings account, how the hell does that work? I had 600 some odd dollars in my savings I've had for years there. 75 cents for interest, and a dollar a month savings fee. It really is better now to keep your money in the mattress, the banks aren't helping anymore. They have forgotten that they are supposed to pay me for them using my money, not them taxing me for using my money.
Makes me wonder how Christmas savings accounts work now...
1voice 9 years, 9 months ago
The online version also charges fees, plus there are hidden fees that do not come into play immediately.
Also, the banks are now charging you almost $6 dollars to cash a check if you do not have an account at the bank where you are cashing the check. Which is an outrageous measure to get customers and/or make money. They should be charging that to the company that issues the check and not the customer.
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