Dr Clarke says banking fees issues being fueled by failure to change old habits
Finance Minister Dr Nigel Clarke says part of the issue fueling complaints about bank fees, is the inability of people to change their old habits.
He notes that banks impose high bank fees, as one way of getting customers to switch to other forms of conducting business, such as going digital. However, he says many people are reluctant to change their banking behaviour, choosing instead to go to a branch in person, which is no longer necessary.
The other banking options available, either have no fee, or have lower fees.
Dr Clarke says its costly for banks to operate in the traditional brick and mortar format.
The finance minister says the high bank fees serve as a dis–incentive to use the traditional format.
The minister reiterates that the government has implemented programmes aimed at assisting persons affected by high bank fees.
These programmes include, the “Know Your Customer” account, which do not attract a fee.
Dr Clarke also points out that retail banking is not an attractive business venture, as opposed to the more profitable investment management, insurance, and money market securities industries.