There’s good news for the thousands of Barbadians using new debit Visa and Mastercards distributed by local banks and credit unions in recent months.
The cards have been distributed as local financial institutions prepare to switch over from the existing CARIFS network soon.
The Central Bank of Barbados has stepped in to respond to the concerns of both ordinary Barbadians and business people regarding high user fees associated with the new cards.
As a result, from next month, debit card holders will no longer be charged for doing point-of-sale transactions at various businesses with their cards.
The announcement from Central Bank Governor Cleviston Haynes during the Bank’s third quarter economic review.
Meanwhile the Central Bank has also capped at three dollars, the cross-network banking user fees currently being charged by both banks and credit unions, whenever cards are used at ATMs of competing financial institutions.
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