Central Bank advises that commercial Banks are not to charge for ACH transactions

The Central Bank of Barbados is confirming media reports that it has directed commercial banks not to impose fees on electronic transactions made through the automated clearing house (ACH), including the real-time payments (RTP) system.

On January 2, 2024, the Bank issued a circular to commercial banks advising them that fees are not to be charged on these transactions and that any fees that are currently being charged should be discontinued immediately.

The Bank notes that under the National Payments System Act (NPSA) 2021-1, it has responsibility for the oversight of the national payments systems and is issuing this directive based on this authority.