CLICK HERE TO JOIN OUR WHAT’S APP GROUP
Speaker Slams ACB Caribbean for 2% Withdrawal Charge, Labels Practice ‘White Collar Crime’
House Speaker Sir Gerald Osbert Frederick launched a scathing critique of ACB Caribbean during a parliamentary session on Monday, denouncing the bank’s policy of charging a 2% fee on withdrawals of EC$5,000 or more as “white collar crime.”
Frederick, visibly emotional during his contribution, condemned the practice as exploitative, especially given the historical and cultural significance of the Antigua Commercial Bank (ACB) to the nation’s people.
“One particular bank—if you want to make a withdrawal of $5,000—they charge you 2%,” the Speaker said, before explicitly naming the institution. “And I’m going to call them out: it is the Antigua Commercial Bank.”
He continued, “Why it hurts me, Mr Prime Minister, Member of this Honourable House—it’s our bank. It is my grandparents, my parents, yours that built that.
But now that they’re large and in charge… they charge you 2%.”
Frederick said the policy penalises depositors for accessing their own money, particularly when urgent financial obligations arise.
“For whatever reason—your house insurance becomes due, or your car insurance and license—and you want to make a withdrawal of $5,000 or more, they charge you 2%,” he explained. “If that is not white collar crime, I don’t know what is.”
The Speaker’s remarks drew murmurs of agreement in the chamber, though no representative of ACB Caribbean was present to respond.
His comments are likely to reignite public scrutiny over commercial banking practices in Antigua and Barbuda, especially amid growing frustration over fees, service charges, and access limitations.
As of publication, ACB Caribbean has not issued a public statement addressing the concerns raised in Parliament.
CLICK HERE TO JOIN OUR WHAT’S APP GROUP
CLICK HERE TO JOIN OUR WHAT’S APP GROUP
CLICK HERE TO JOIN OUR WHAT’S APP GROUP
CLICK HERE TO JOIN OUR WHAT’S APP GROUP
CLICK HERE TO JOIN OUR WHAT’S APP GROUP
CLICK HERE TO JOIN OUR WHAT’S APP GROUP
Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua!
We offer fully customizable and flexible digital marketing packages.
Contact us at [email protected]
ecab may charge you $10 monthly but when ACb trying to charge you for every single $4 for every single transaction that’s next level robbery especially and if you a person who uses your card more than twice a month
All them bank wicked… interest rates is 95% when you get a loan to build ..
It’s actually 0.02%. Which means a withdrawal of $10,000 has a $200 charge. In the grand scheme, this is nominal. As an alternative debit/credit card, cheques and drafts to conduct transactions instead of cash. While I agree some bank policies are ridiculous, we have to understand that it is a for profit entity and it provides a service. There is a cost to doing business.
Finally someone speaking up! That 2% fee is ridiculous.
Dem a rob people daylight and call it ‘banking fees’—mek it make sense!
If is poor man tief, dem call police. But when bank tief, is ‘policy’.
Honestly, banking in Antigua becoming a luxury. Every lil thing got a fee.
Mi nah go lie, if me did tief like dem, me woulda deh jail already!
Caribbean union bank is charging customers a 2% on certain amount you withdraw from the bank. That’s why I close my account there . Just imagine it costing you to withdraw your own money. Fed up.
I am of the opinion that the charges should never out-weigh the interest we are receiving; after all, they make great gains from us each day while our money is in their possession.
What more profit should they want from the public?
If I have $500,000 in ACB bank and want to withdraw it to buy land, they are charging me $10,000 to withdraw my money? What really can go so???
Before you open any accounts in a Bank. You should inform yourself of the Bank operational fees and their procedures. For the Banks,that I am dealing with daily. They do not charge me any monthly and or transactions fees.
Everybody and their mothers commenting and in agreement with the Speaker, but did you stop and question somethings, like why is he especially so vehement in his attack?
Was it his account or was he standing up for some picky head person with a $5k and more bank account?
Now, now, just pause and think, a picky head person with $5k bank account that their minimal withdrawal is at least $5k and that they can leave plenty more, I personally would not consider that person being a picky head anymore. Just think and don’t try to respond for response purposes. Something in his verbal attack is hiding in the pudding.
hmmm very interesting, wonder if he has the same energy for CUB, and ECAB? PM might shut he up fast fast and furiously….
So nobody going to talk about first Caribbean International Bank? OK I guess yell like loosing money then
And they wonder why people are still hiding money under their mattress and not in the bank.
Something going on indeed.
To Balance: You need to go back to school for Mathematics. 0.02% of $10,000.00 is $2.00, whilst 2% of $10,000.00 is $200.00. Basic Math. The Speaker’s math is correct.
I think it is highway robbery to charge me to access my own money especially when interest payments on saving accounts are so low, but interest payments on loans are skyrocketing high.
Now I know it is supposed to be a profit generating business but not at the expense of the poor person.
Now, I do not have $5,000.00 in the bank but let us suppose I did, and I needed it all, would I also be charged a closing fee on top of the 2%? Just asking.
If there is no charge for withdrawals under $5,000.00 then withdraw your money in smaller increments. You know when you need it for so plan accordingly
THE HOUSE SPEAKER HIT THE NAIL ON THE HEAD, YOU MEAN TO TELL ME, THAT AFTER PPL DONE WORK SO HARD FOR THEIR MONEY, WHICH HAS ALREADY UNDERGONE SO MANY STATUTORY DEDUCTIONS TO ARRIVE AT THE NET, THAT CERTAIN BANKS WANT TO STILL GET A CUT OUT OF THE NET AMT WHEN WITHDRAWALS EXCEED A CERTAIN AMOUNT?? TALK ABOUT UP-IN-YOUR FACE DISHONESTY IN BROAD DAYLIGHT!
BUT IT GETS EVEN WORSE, ON 4/22/2025 I WENT TO THE AFOREMENTIONED BANK TO MAKE A DEPOSIT (deposit) IN EXCESS OF EC$5,000.00 & TO MY GREAT SURPRISE, WAS TOLD BY THE TELLER THAT I HAD TO PAY 2.50% (two & a half percent) ON ANY DEPOSIT (deposit) IN EXCESS OF EC$5,000.00, SO NOW I HAD TO PAY TO DEPOSIT MY OWN GOD GIVEN HARD EARNED MONEY INTO MY OWN ACCOUNT! I STILL HAVE THE STAMPED RECEIPT IN MY POSSESSION.
ANY MONIES EARNED THROUGH DISHONESTLY, I.E,. ILL-GOTTEN GAINS, IS GOING TO BE LIKE FEATHERS IN THE WIND, LIKE HOLES IN THE POCKET, U CAN’T PROSPER ARFFA THAT, SO ME NO WORRY.
You get back a little something from Medical Benefits they take out $3 if you do not have an account with them. Dey tief no fuck
WHAT THE HELL…! …ANR LOCO: …SIR GERALD OSBERT FREDERICK…?
***
EITHER ‘…ACB OR ANR:’ …ONE TO BE IN THE SLAMMER…?
NOW IT SEEMS THAT ‘…ANR’ SHOULD BE IN THE SLAMMER.’
***
WELL, IT HAS:
‘…SPEAKER SLAMS ACB CARIBBEAN.’
***
BUT THE STORY IS SAYING:
‘…SIR GERALD OSBERT FREDERICK LAUNCHED SCATHING ATTACK………….’ [Paragraph 1].
***
LIVING IN PEACE:
POOR ‘…SIR GERALD: …OUT THE CHAIR: …HE SHOULD BE LIVING IN PEACE.’
***
PRINT GOOD.
***
Banks are pushing people to use digital means of moving money.
Thus the lager fees are for over the counter transactions especially those involving cash.
It possible to pay for goods and services without the big fees via
Direct Merchant Payments
Direct Peer to Peer Payments
Electronic funds Transfers .
Most banks have charges for over the counter deposits over a certain amount
that include cash.