Posted: Thursday, November 28, 2024. 9:26 am CST.
By Zoila Palma Gonzalez: Wondering which financial institution is the best to bank with?
Whether its for residential mortgages, student loans, checking or savings accounts or efficient online banking, Belizeans are able to choose between Atlantic Bank, Belize Bank or Heritage Bank.
The Central Bank recently issued a Practice Directive forcing banks to lower fees charged to customers.
But that resulted in a legal challenge followed by a compromise agreement.
And while, banks agreed to lower fees, they did introduce new charges to other products.
Governor of Central Bank Kareem Michael says that next year, Central Bank will publish bank fees for all banks on its website.
“What we’ve been trying to do is lower costs on certain banking services. And I’m sure the media is well familiar with this battle. Earlier this year, the banks agreed to cap all ATM fees at 25 cents per transaction and reduce online transfer fees by over 50 percent,” Michael said.
“Additionally, the banks reduced fees for early payout on residential mortgages and removed fees for transfers between owned bank accounts and they removed fees for savings account maintenance. So on one hand, ATM fees and online transfer fees have been lowered but on the other hand, fees for other services such as over-the-counter withdrawal and check clearings have increased,” he added.
Central Bank is still supporting and working towards an inclusive fee structure.
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The post Bank fees to be published on Central Bank website next year appeared first on Belize News and Opinion on www.breakingbelizenews.com.
Posted: Thursday, November 28, 2024. 9:26 am CST. By Zoila Palma Gonzalez: Wondering which financial institution is the best to bank with? Whether its for residential
The post Bank fees to be published on Central Bank website next year appeared first on Belize News and Opinion on www.breakingbelizenews.com.
