New ECAB fees take effect


The Eastern Caribbean Amalgamated Bank (ECAB) will from today (September 1) adjust certain fees and charges for services conducted by the bank.


Customers were directed to the bank’s website or its branches for more details on the schedule of charges.


A visit to the site displays the notice and by clicking on: “Please see our Schedule of Charges for details on all other adjustments” takes you to a comprehensive list of the new charges.


Customers who wish to open a regular savings account (ATM cards only) will pay a minimum of $50 with a two per cent interest rate per annum.


The bank said that accounts falling below the minimum balance will be subject to a $5 charge.


For in branch withdrawals/debits, the first five are free and a $2 charge will be applied thereafter.


The minimum balance now required for Statement Savings Accounts is $200, and a new in branch transaction fee will be introduced on savings accounts.


“Customers will be allowed five (5) free in branch withdrawals/debits and will be charged $2.00 per transaction thereafter. Customers are encouraged to use our alternative banking services such as our thirteen (13) ATMs and our Online and Mobile banking solution, MOREBanking,” the bank’s notice read.


For Demand Deposit Accounts, the per cheque charge for Business and Escrow Accounts will be increased to $1.25.


The other services affected include: Night Safe Facilities, Current Accounts, Safe Deposit Boxes, Card Services, Wire Transfer, Payroll Services, Foreign Exchange Services, Certificate of Deposit, Statements and Audit Confirmations and Account Queries.

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  1. All these banks are involved in legal extortion it seems. People need to stand up to this nonsense. Dishonest set of people they are. They just intend to makeone off our backs without doing any real work. The ECCB is complicit as well in allowing the public to be footing the bills of these multi billion dollar institutions. WICKED SET AH PEOPLE! !!!

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