Banks Ripping Off Vincentians With ATM Charges

Vincentians may be the victims of banks fees especially banking done through the means of the Automated Teller Machine or ATM.

This is the view of Minister of Finance, Camillo Gonsalves who said that some commercial banks in St. Vincent are “ripping off Vincentians in the use of ATM cards in particular.”

Gonsalves said that the charges for using ATMs range from acceptable to unacceptable.

The Minister said that his ministry is currently gathering data and he hopes to have a dialogue with the banks about charges associated with the use of ATM cards.

He said over the past few weeks citizens have been sharing with him screenshots showing a bank charging as much as 2 per cent of the value of a withdrawal if it is done at another bank’s ATM.

The matter he said he has discussed with Governor of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine.

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