Thursday, October 12, 2017
By NATARIO McKENZIE
Tribune Business Reporter
THE Minister of Labour yesterday moved to reassure Bahamians that the Government is serious about tackling complaints over bank fee increases.
Speaking with Tribune Business, Dion Foulkes said: "What happened was there have been some recent increases at some of the banks, which has increased the amount of complaints which have come into the Consumer Protection Commission.
"They have been forwarded to me as the minister responsible. I thought it was appropriate to speak to the clearing banks as a group to find out what is behind these increases. We are also going to have a discussion with the Central Bank, which is the regulator."
Mr Foulkes added: "I just want to assure consumers that we are serious about this issue and we are looking into it."
The Minister said in a statement that his ministry's consumer affairs division had received numerous complaints, ranging from increases in fees to cash cheques to increases in credit card late payment charges. At his request, the Clearing Banks Association and the Central Bank have agreed to meetings to discuss the issue on October 19. The Consumer Protection Commission, Prices Commission and the Standards Bureau will also participate in those discussions.