Bahamas Government To Meet Bankers Over Fee Increases

Bahamas' Labour Minister Dion Foulkes
Bahamas Government To Meet Bankers Over Fee Increases

The Bahamas government said today that it would meet with members of the banking community next week to discuss reported increases in service fees and charges by the financial institutions.

A brief statement by the Ministry of Labour noted that the Consumer Affairs Division had “received numerous reports and complaints from the general public with respect to the increases in some commercial banks’ services fees and charges”.

It said that these complaints “range from the increases in fees to cash checks to the increases in credit card late payment charges”.

The statement said that Labour Minister Dion Foulkes will meet with members of the Clearing Banks Association and the Central Bank of The Bahamas “to discuss these issues” on October 19.

It said that the talks will also be attended by representatives of the three consumer protection agencies as well as with members of the Tripartite Council.

The statement did not say whether or not the increases in service fees and charges were a fallout of the damage caused by the passage of the hurricanes earlier last month.

But prior to the passage of the storms, the Hubert Minnis administration had warned against increased prices for services and products in the Bahamas.


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