Barbados: Scotiabank halts fee imposition on online transfers following Central Bank directive

Scotiabank has announced its decision to suspend the implementation of fees on online transfers to other banks or credit unions in response to a directive issued by the Central Bank of Barbados (CBB).

The recent development stems from the Central Bank of Barbados (CBB) issuing a clear directive to all commercial banks, emphasizing that fees should not be imposed on electronic transactions conducted through the automated clearing house (ACH), which also includes the real-time payments (RTP) system.

Immediate cessation of current charges

In line with the directive, the CBB made it clear that any existing fees for electronic transactions should be immediately discontinued. 

Scotiabank’s initial fee announcement

Earlier this week, Scotiabank announced its intention to levy a fee of BBD $1.25 on online transactions, scheduled to take effect on February 1, 2024. 

However, the bank has swiftly retracted this decision in light of the CBB’s directive.

In a media release, Scotiabank expressed its support for the CBB’s objective of promoting the development of electronic payments in Barbados. 

In a media release, the bank stated that it “ acknowledges the circular issued by the Central Bank of Barbados (CBB) and, in support of the CBB’s focus on fostering the development of electronic payments, has taken the decision to pause the implementation of a fee for electronic payments through Real-Time Payments (RTP) and Automated Clearing House (ACH) from Scotiabank accounts to other local banks or credit unions.”