Payment News

Fees Halted for Barbados Electronic Transactions

A Barbadian bank announced that it will introduce fees from 1 February. The Central Bank of Barbados (CBB) has responded by informing banks that ‘any fees which are presently charged for electronic transactions through the ACH shall be immediately discontinued.’ It is investigating a plan by the Bank of Nova Scotia to make it more costly for residents to do business with it through interbank transfer.

The CBB has written to all banks reminding them that ‘in the execution of its duties for oversight and administration of the National Payment System, the bank shall consider the interest of consumers.’ 

It also pointed out that Section 32 of the NPS provides that it is empowered to establish rules to ensure transparency of conditions including fees and information requirements for payments services’.