Local commercial banks are preparing a push back against a proposal by the Bank of Guyana (BoG) that service fees be made uniform.
Sunday Stabroek has seen correspondence from the BoG to local commercial banks, sent last week, with a proposal for consultation on structured service fees, including a standard $50 fee for ATM withdrawals of up to $100,000 and a $2,500 cap on late fees for loan repayments.
“It is unfair that banks be asked to have across-the-board service fees. Fees play an important choice in the selection of banking choice for customers and it helps in terms of competition,” an executive of a commercial bank, who did not want to be named, told the this newspaper, while also claiming that the fees here are a fraction of what they are in the region.
