Bankers agreed to standardised charge, says BBA president

All commercial banks in Barbados were in full agreement with the decision by the Central Bank to cap the charge for ATM transactions.

In fact, president of the Barbados Bankers’ Association (BBA) Anthony Clerk said the decision to implement a standardized fee of $3 for ATM transactions was suggested by commercial banks during a meeting with officials from the Central Bank.

On Monday, Central Bank Governor Cleviston Haynes revealed that as of November 1, persons will pay a maximum of $3 at ATMs even if it is not of the corresponding bank of the issued card.

He said at present some banks were charging as much as $6.50 for using an ATM card at a different bank or credit union.

Haynes also disclosed that carrying out transactions using the point of sale system would not attract a fee if persons used their Visa debit card or Mastercard.

The Governor said the Central Bank was fully aware of the many complaints made by persons regarding high bank fees associated with debit card transactions.

In an interview with Barbados TODAY Clerk said the BBA was well aware of the intended changes. He admitted that while the move might affect the bottom-line of some banks they agreed it was necessary at this time.

“Out of discussions between the banks and the Central Bank we agreed to that. That was nothing that we were forced to do. It came out of discussions between the banks and the Central Bank.

“It may hurt a bit but like I said it came out of discussions and the banks agreed to it. All of the banks agreed,” Clerk said.

Meanwhile, Opposition Leader Bishop Joseph Atherley said he was pleased with the development. He said for too long commercial banks had been taking advantage of Barbadians.

“I have been calling for a move like that ever since because the banks are overcharging the poor people of Barbados in several respects. I think that this represents a step in the right direction. It does not carry us altogether where I would like to see us go with respect to the influence that can be exerted over the banking sector with respect to those charges whether it be over-the-counter charges or charges through the ATM so I applaud the Central Bank making the move because it’s long in coming,” Atherley said.

“I think the $3 is still a little steep but it’s a step in the right direction. That $3 charge will still be taxing for many people, especially those who do a lot of transactions.”
randybennett@barbadostoday.bb