Chamber President Says Bank Fees ‘Insane’

Tuesday 18th, January 2011 / 08:50 Published by

The Grand Bahama Chamber of Commerce president is appealing for a reduction in banking fees, the increase in which he says is causing a strain to many businesses.

K. Peter Turnquest was speaking at the Bahamas Business Outlook on Thursday, and noted the “insane” increases in fees that have recently been implemented by several banks, “no doubt to recoup the increase in bank licence fees recently levied by the Government.”

Turnquest said he is sure that the increases were not the intended outcome of the government’s decision, but urged the relevant authorities to have a second look at this situation with a view to reducing the already high burden on businesses, especially those high volume, low profit businesses who may not have the option to pass the cost on to their customers.

Elaborating on this matter yesterday, Turnquest said high fees may deter people from fully utilizing bank services.

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