Local depositors with CIBC FirstCaribbean International Bank, who fail to maintain their accounts above the average balance, have been put on notice of an increase in service charges come next month.
In a notice, posted on its online banking platform, the bank said clients in Barbados, the Bahamas and the Cayman Islands should expect the change on “select deposit accounts”.
“Effective July 1, 2018, CIBC FirstCaribbean will adjust the monthly average balance requirements and service fees on select deposit accounts,” it said, without giving details.
Barbados TODAY reached out to the bank’s Director of Corporate Communications Debra King who promised to explain the decision, but up until publication time no response had been issued.
While some accounts, including senior savers accounts, do not have to meet the average balance requirement or attract service charges, others do.
CIBC FirstCaribbean currently charges between $1.50 and $5 for services, ranging from withdrawals, to debits, cheques and in branch over the counter transactions.
A monthly service fee of $15 or $20 also applies to clients whose accounts fall below the average balance, which ranges from $1,000 to $5,000, depending on the type of account. Other commercial banks charge between $1.50 to $60 for similar services.
Charges are also attached to over the limit transactions, late payments, dishonoured payments, replacement cards, cash advances and issuing paper statements.