00:00Higher banking fees are coming for customers of Republic Bank Limited from Friday after the
00:05country's largest commercial bank announced a broad increase in charges across everyday services.
00:11Changes will affect both routine transactions and penalty fees, meaning customers could pay
00:17more not only for basic banking but also for overdrafts, missed payments and insufficient funds.
00:24Among the most notable increases, NSF fees will rise from $34.50 to $57.50, while overdraft
00:36fees move from $30 to $57.50. Some late payment penalties on loans have also doubled, reaching
00:46as much as $100. Debit transactions will now attract per-transaction fees on several accounts,
00:55including some that previously allowed a limited number of free withdrawals.
01:01The fee hikes come amid earlier concerns that commercial banks could pass on new costs to
01:07customers following last year's budget announcement by Finance Minister Devindranath Tankoo.
01:13At the time, Tankoo outlined a 0.25% levy on the assets of commercial banks and insurance
01:22companies operating in Trinidad and Tobago. He said these institutions, quote, have reported
01:29sustained earnings, high liquidity ratios and strong asset-based growth, end quote. But he argued
01:36that, quote, the average citizen continues to be subjected to unreasonably high fees and near zero
01:44returns on their savings and investments, end quote. The asset levy is expected to generate about
01:51$575 million annually for the country. Meanwhile, Republic Financial Holdings Limited reported profits of
02:01$2.2 billion for the year ending September 2025, an increase of nearly 10% over the previous year.
02:10For the three months ending December 2025, the group reported profits of just under $596 million,
02:19also up year on year. Total assets stood at $131.1 billion at the end of December, reflecting a 6
02:30%
02:30increase. Fees and commissions accounted for more than 15% of the group's total revenue,
02:38according to its latest annual report. Vishana Pagu, TV6 News. Meanwhile, Finance Minister Devendra Nath Tankoo
02:46is urging journalists to seek answers directly from commercial banks amid growing concern over rising
02:52fees. His comments come in response to complaints from customers of Republic Bank about increased
02:58charges. Tankoo says the responsibility lies with the banks to explain the reasons behind the hikes,
03:04noting that many citizens have experienced multiple fee increases in recent years without clear
03:09justification. He added that account holders themselves can attest to these concerns and
03:15suggested that financial institutions should now provide transparency on what is driving the changes.
03:21The minister stopped short of indicating whether government will intervene, instead placing the
03:26spotlight squarely on the banking sector to account for the rising costs to customers.
03:32Our story takes us to tonight's PeopleMeter. We're asking you,
03:37do you agree that the banks owe it to their customers to explain the hike in fees? To vote,
03:43text yes or no to the number 766-4886 or 766-4TP6. We'll have the results for you at the
03:49end of this newscast.
03:50text yes or no to the number 766-4886 or 766-4886. We'll have the results for you at the
03:55end of this newscast.
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