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NASSAU, Bahamas, CMC -A senior government minister has warned that Parliament may be asked to intervene to address the increasing fees and services of commercial banks in the Bahamas.
“If the Central Bank does not intervene more aggressively, as they have in Barbados, then perhaps the legislature will have to intervene,” said Foreign Affairs Minister Fred Mitchell, who has indicated that “service to the Bahamian public will not improve if the banks just don’t get it.
“They keep forcing us to swallow digitalization when the internet doesn’t work here. The services are second rate at the banks, charging you to keep your money,” he said.
However, Gowon Bowe, chairman of the Clearing Banks Association (CBA), has warned that regulating bank fees and services could lead to the country becoming a “communist state” and going down a “very slippery slope.”
“When we get into this debate about mandating, regulating, or legislating the value of services for private enterprise, we are moving towards a communist state. We are saying that the government is a free market enterprise, and we have to be careful because that’s a slippery slope,” Bowe said.
But Mitchell remains adamant that describing Bowe’s comments as unhelpful and inaccurate “hyperbole.
“The only slippery slope it would lead to, in my opinion, is better service. Hyperbole is sometimes helpful, but not in this instance.
“Business people reading that stuff about the slippery slope and communist state would think twice about coming to a communist state to do business if that’s what’s in The Bahamas,” Mitchell said, adding, “So, the comment was not helpful, apart from being inaccurate.”
The minister said that banks already operate within the context of Central Bank regulations.
“They have to get a license to operate. There’s a cap on the interest rate right now, but the response from the clearing house bank’s chair portrays a more significant issue and problem: service to the Bahamian public will not improve if the banks just don’t get it.
“They keep forcing us to swallow digitalization when the internet doesn’t work here. The services are second-rate at the banks, and they charge fees for keeping our money. If the Central Bank does not intervene more aggressively, as they have in Barbados, then the legislature may have to intervene.
In January, the Central Bank of Barbados mandated no fees for electronic transactions, including Automated Clearing House (ACH) and real-time payments (RTP) transfers.
It also called on all commercial banks to offer at least one savings account that is free from fees or charges.
The leader of the main opposition Free National Movement (FNM), Michael Pintard, said that if his party wins the next general election, the financial environment will be reformed to “improve the domestic banking sector.”
Pintard also promises that the party will “revise the banking framework to create a sector that is both inclusive and cost-efficient, ensuring banks remain viable while truly serving Bahamians.”
He said this would include increasing the Central Bank’s regulatory remit to assess the validity of banking fees, ensuring that fees are transparent and fair and not simply junk fees with no justification, and tasking the Central Bank with streamlining interbank transaction protocols, ensuring they are efficient and cost-effective, using best-in-class technology.
Pintard also accused the Davis administration of “idle talk” and “handwringing” on the issue, pointing out that while Mr. Mitchell has frequently criticized banking problems, the government has not taken meaningful action.
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NASSAU, Bahamas, CMC -A senior government minister has warned that Parliament may be asked to intervene to address the increasing fees and services of commercial banks in the Bahamas.
“If the Central Bank does not intervene more aggressively, as they have in Barbados, then perhaps the legislature will have to intervene,” said Foreign Affairs Minister Fred Mitchell, who has indicated that “service to the Bahamian public will not improve if the banks just don’t get it.
“They keep forcing us to swallow digitalization when the internet doesn’t work here. The services are second rate at the banks, charging you to keep your money,” he said.
However, Gowon Bowe, chairman of the Clearing Banks Association (CBA), has warned that regulating bank fees and services could lead to the country becoming a “communist state” and going down a “very slippery slope.”
“When we get into this debate about mandating, regulating, or legislating the value of services for private enterprise, we are moving towards a communist state. We are saying that the government is a free market enterprise, and we have to be careful because that’s a slippery slope,” Bowe said.
But Mitchell remains adamant that describing Bowe’s comments as unhelpful and inaccurate “hyperbole.
“The only slippery slope it would lead to, in my opinion, is better service. Hyperbole is sometimes helpful, but not in this instance.
“Business people reading that stuff about the slippery slope and communist state would think twice about coming to a communist state to do business if that’s what’s in The Bahamas,” Mitchell said, adding, “So, the comment was not helpful, apart from being inaccurate.”
The minister said that banks already operate within the context of Central Bank regulations.
“They have to get a license to operate. There’s a cap on the interest rate right now, but the response from the clearing house bank’s chair portrays a more significant issue and problem: service to the Bahamian public will not improve if the banks just don’t get it.
“They keep forcing us to swallow digitalization when the internet doesn’t work here. The services are second-rate at the banks, and they charge fees for keeping our money. If the Central Bank does not intervene more aggressively, as they have in Barbados, then the legislature may have to intervene.
In January, the Central Bank of Barbados mandated no fees for electronic transactions, including Automated Clearing House (ACH) and real-time payments (RTP) transfers.
It also called on all commercial banks to offer at least one savings account that is free from fees or charges.
The leader of the main opposition Free National Movement (FNM), Michael Pintard, said that if his party wins the next general election, the financial environment will be reformed to “improve the domestic banking sector.”
Pintard also promises that the party will “revise the banking framework to create a sector that is both inclusive and cost-efficient, ensuring banks remain viable while truly serving Bahamians.”
He said this would include increasing the Central Bank’s regulatory remit to assess the validity of banking fees, ensuring that fees are transparent and fair and not simply junk fees with no justification, and tasking the Central Bank with streamlining interbank transaction protocols, ensuring they are efficient and cost-effective, using best-in-class technology.
Pintard also accused the Davis administration of “idle talk” and “handwringing” on the issue, pointing out that while Mr. Mitchell has frequently criticized banking problems, the government has not taken meaningful action.
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