00:00The Central Bank of Trinidad and Tobago says it is committed to addressing the challenge of increases in bank fees
00:06and charges, especially considering the level of profits declared by the commercial banks.
00:13The Central Bank made the announcement in a statement in which it said it acknowledges public concern generated by recent
00:20pay adjustments implemented by Republic Bank Limited, which took effect from May 1st, 2026.
00:26The Central Bank said it is engaging Republic Bank directly on this matter.
00:32RBL announced increases in fees for regular personal and regular commercial checkbooks, foreign currency drafts, official checks, manager's checks, not
00:43sufficient funds for all account types, overdrawn accounts, unit trust corporation checks, late fees for personal demand loans, and late
00:53fees for personal ordinary loans.
00:55In addition, Republic Bank announced that the debit transaction fee on its optimizer account and personal interest checking account will
01:05allow for 12 free electronic debits, then $1.30 per debit.
01:11RBL further announced that the debit transaction fee for its Savings Plus account will allow two free withdrawals per quarter,
01:19then $4 per debit.
01:21The Central Bank Governor, Larry Hawaii, said,
01:24We understand why citizens are frustrated, and we do not take this sentiment lightly.
01:30Over the years, we have closely monitored fees and charges of commercial banks, and the data on this remains publicly
01:37available on our website.
01:39While our role as regulator is defined by law, it is not a passive one.
01:44Citizens deserve a financial system that works in their interest, and the Central Bank will continue to advocate for that.
01:52The Central Bank said its legislative authority to regulate fees and charges is defined by Section 44A, 1 of the
02:01Central Bank Act, and is limited to fixing maximum and minimum interest rates, fees, and charges on loans, advances on
02:10other credit facilities, and does not extend to general service fees, such as deposit account fees, in-branch transaction charges,
02:20or ATM fees.
02:21The Central Bank's authority, in respect of those fees, is exercised through its market conduct guideline for institutions licensed under
02:30the Financial Institutions Act 2018, and that banks are expected to comply with the guideline.
02:37The Central Bank added that it recently surveyed six commercial banks to obtain a comprehensive understanding of the philosophy and
02:45practices, including governance and controls surrounding bank fees and charges.
02:50The Central Bank added that a report with recommendations on the way forward is being finalized for sharing with the
02:57industry and for implementation following consultation.
03:00The Central Bank said it considers to be important the availability of basic banking accounts required to be offered by
03:08all commercial banks under 2021 simplified due diligence guidelines,
03:14which are specifically designed to ensure that low-income individuals and micro-enterprises can access banking services with minimal documentation
03:23and at a reduced cost.
03:26The Central Bank is encouraging citizens and small businesses affected by the current fee changes to inquire about these options
03:33at their commercial bank.
03:35The Central Bank announced it is actively reviewing the scope and terms of reference of the Office of the Financial
03:42Services Ombudsman to expand the support available to consumers in the financial system.
03:48The Central Bank also said it continues to intensify the reach of the National Financial Literacy Program so that citizens
03:56can, among other things, compare their banking options.
04:00Jewel Brown, TV6 News.
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