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Central Bank: New banking regulations needed - by Marlon Madden
February 22, 2020
Article by
Marlon Madden
Published on
February 22, 2020
Article by
Marlon Madden
Marlon Madden
February 22, 2020
Commercial banks and credit unions can expect changes to policies governing the financial services sector in the coming months as regulators seek to encourage greater financial inclusion. Governor of the Central Bank of Barbados Cleviston Haynes gave the indication on Friday as he knocked commercial banks especially on the vexing issue of bank fees, the
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2 Replies to “Central Bank: New banking regulations needed”
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I am happy to see that there will finally will be some movement on some of these onerous restrictions on the banking system in Barbados. You ask questions and all you ever hear is that these are what the US wants and requires. I recall going to Republic bank to be a second signatory on my brothers account, you wont believe the amount of information they were asking for,2 pieces of ID, letter from my workplace, and 2 other requests I don’t remember right now. I was so annoyed that I told my brother to close the account and lets go to the credit union In closing the account there were 2 US Social Security checks in the account which I was told would take 30 days to clear. Can somebody explain why a US government check would take that amount of time to clear. Banks are trying their best to get the rid of the small man daily and they are succeeding, I fear for the folks in this country who are not computer literate, they will be left way behind.
This is overdue but I’m glad the CB is finally making the effort to inform the public and regulate these banks. Also, including the credit unions in the framework is a welcome change to the banking infrastructure