Gibson calls for putting a cap on fees banks charge

Long Island MP Adrian Gibson.

As of Thursday, July 4, 2024

By EARYEL BOWLEG

Tribune Staff Reporter

ebowleg@tribunemedia.net

LONG Island MP Adrian Gibson called on the Central Bank to put caps on bank fees.

His comment in the House of Assembly came after the Royal Bank of Canada (RBC) announced a 50-cent decline debit card transaction fee for ATM transactions involving other banks in the country and purchases at local points of sale starting July 31.

Mr Gibson, the latest parliamentarian to lament the state of bank regulations in the country, said the Central Bank must prevent banks from “popping up” with random fees.

RBC’s announcement frustrated Bahamians who questioned the logic of charging for insufficient funds.

Mr Gibson said yesterday: “They’re telling Bahamian consumers that if you have insufficient funds in your account, they can charge you, although they can see you don’t have nothing there. So you have nothing there, and they charging 50 cents for having nothing there. Imagine that.”

Mr Gibson expressed concern about what happens when people go over a daily limit, saying: “You can be charged 50 cents for going over your daily limit. How can this foolishness possibly be allowed? I call upon the Central Bank to enter.”

He called it “ludicrous and unacceptable” that a cost could be associated with entering the wrong card number and having a transaction declined.

In November, Free National Movement leader Michael Pintard said the Davis administration would get bipartisan support to regulate the commercial banking sector. He spoke after Foreign Affairs Minister Fred Mitchell called the cost of banking services “out of control”.

TalRussell 3 days, 18 hours ago

Firstly, can we just ignore who the someone is that's lookin' for bank account chargin' faults. -- - Are they now the King's Loyal Shadow Minister for Bankin'. -- Not making this up. -- Yes?

SP 3 days, 15 hours ago

It long overdue to finally hear politicians say something that protect Bahamians from these predatory, greedy banks.

The sensible and most fair approach would be to simply to only allow banks to charge the same fee structure as their home countries.

Bank fees in the Bahamas have been totally ludicrous for years. For instance, they get away with charging $5.00 for ATM withdrawals.

Thank you, Mr. Gibson for your stand. Hopefully, something will be done about the craziness banks get away with.

jackbnimble 2 days, 18 hours ago

I think this is a regional issue and out of control is an understatement. They are doing it in most of the Caribbean countries and our politicians are sitting by and just letting it happen.

They give little or no interest on savings but charge you a monthly "maintenance fee" to keep an account with them. It's a sophisticated form of stealing or highway robbery.

To add insult to injury you used to think that it was just the foreign banks, but now some of the local Bahamian banks are joining the fray. Fidelity bank is now charging some $5 plus VAT to make a deposit with a teller. They call it a "teller's fee" although I am sure the teller is not getting a dime of the charge. How is anyone being charged for "saving" with a bank who takes the money, lends it out and then charges interest so technically is benefitting from your saving with them? Make it make sense, please!

Gotta join a union bank, who at this rate will probably soon start charging too, or just put it back under the mattress like the old days. Think it's a lot safer there, anyway.

Socrates 1 day, 23 hours ago

it has all the looks of a scam.. first they force you to the machine by charging you to enter the bank. now if you miss and press the wrong number they will rip you off with a fee for that. we should be on the streets demonstrating...