Caribbean Broadcasting Corporation

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Scotiabank responds to Central Bank directive

January 4, 2024

New developments tonight regarding the Central Bank of Barbados’ directive to commercial banks not to impose fees on customers, for online transfers to other banks or credit unions.

Scotiabank has responded.

It has decided to put its plans to impose a $1.25 charge on such transactions on hold.

In a statement to CBC today, Scotiabank said it acknowledges the circular issued by the Central Bank of Barbados and, in support of the Central Bank’s focus on fostering the development of electronic payments, has taken the decision to pause the implementation of a fee for electronic payments through real-time payments and the automated clearing house, from Scotiabank accounts to other local banks or credit unions.

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