#BTColumn – The move from CariFS to Visa and Master Card

President of the Barbados Bankers’ Association Donna Wellington while speaking about the move from Carifs network  to Visa and Master Card, has been quoted in a section of the media saying, “the bank was still determining what other transactions would be free and which ones might attract fees.”

Was this a unilateral decision or made in collaboration with the relevant authorities?

One would have thought that a significant and fundamental matter that involves the deposit, withdrawal and transfer of customers’ funds and likely to incur additional costs would have been publicized in a different manner.and expressly shown to have had the approval of the relevant authority

From time to time, public utterances made by bank officials seem to suggest that changes directly affecting customer service and related matters are done unilaterally and not with the blessings and approval of the Central Bank of Barbados. Nowhere within the body of the published article is there any mention of any consultation or communication with the Central Bank of Barbados.

There are serious concerns about an increase of fees to customers as well as expenditure in foreign currency. – matters that ought to have the attention of the Ministry of Finance and Economic Affairs.

Under the current bleak and dismal  economic conditions and especially as a matter of clarity and transparency, bank customers in particular and Barbadians generally should expect to receive a statement from either the Central Bank of Barbados, the Financial Services Commission or the Minister of Finance and Economic Affairs concerning this significant development.

The silence coming from the relevant authorities is deafening.

Customers of commercial banks deserve better treatment with the re-establishment of an indigenous local bank that can better serve the interests and needs of Barbadians.

Michael Ray