Bank Fees and YOU!
The following was submitted by a member of the BU family who requested to not mention their name – David, blogmaster
“Rather than justice for all, we are evolving into a system of justice for those who can afford it. We have banks that are not only too big to fail, but too big to be held accountable.” –
Recently I received a statement from the Bank with charges deducted, exceeding far more than the interest deposited. I do not recall receiving notice that changes were being made. This account was rarely used, only to update when necessary.
Speaking to friends and neighbours re: same, I found this puzzling that money deposited for a “Rainy Day” is being siphoned off in the dead of the night. Some affected are pensioners who are considered members of a vulnerable segment of society. When the bank was asked to explain, here are a few of the explanations given by staff members:
- A pensioners with a Barbados pension is exempted once they submit the necessary certified form.
- We are following a directive from senior management.
- A message to the effect to take your business somewhere else.
Are Bajans now having to pay for the misdeeds of previous governments? Why has the government through its agent the Central Bank of Barbados allowed banks to charge high rates for borrowing and pay ridiculously low interest to customers with added fees to inflate charges to ordinary bank accounts. Is the Central Bank interested at all in curbing the excessive behaviour by banks in Barbados? Should ordinary Barbadians accept what we are told and do nothing about it?
What do our brothers and sisters think about this money grab known through the ages as greed?
Here is my opinion on the matter:
The Banks are using OUR money to lend US our own money and have the audacity to charge us high fees while using our hard own money. Are our relatives living in other jurisdictions aware of this rip-off?
For as long as I have become aware Barbadians have been encouraged to set aside a percentage of earnings to guard for a rainy day. This was always praised by successive governments as a worthy behaviour. Today we now see a transformation of what is expected. To compound the problem for ordinary Barbadians, investing in government bonds is not an option given current challenges. Also tax breaks given to both ordinary and middleclass were removed.
What are ordinary Barbadians to do now if they want to plan good lives for themselves and family?