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‘Invoke penalties’ on non-compliant banks

January 8, 2024

The Barbados Consumer Empowerment Network (BCEN) is concerned about commercial banks failing to comply with the recent directive issued by the Central Bank of Barbados.

The Central Bank last week instructed banks that no fees should be imposed for electronic transactions through the Automated Clearing House (ACH) and that any fees presently charged for electronic transactions through the ACH be immediately discontinued.

Executive director of BCEN, Maureen Holder, however notes in a statement, that days later at least one bank was still charging customers. In addition to calling for the Central Bank to intensify its supervision and surveillance, BCEN suggests that non-compliant banks should face penalties.

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