While some clients of the local RBC Royal Bank branch have been closing their accounts due to an increase in monthly fees, others have chosen to remain with the bank.
Country Manager, Sandra Fontenelle, told St. Lucia News Online (SNO) on Tuesday (June 21) that staff have been providing clients with the best possible advise with respect to the options that are available to them.
“We continue to communicate with them regarding these charges and we assure them of our continued commitment of serving. We are addressing their questions and we are also thanking them for their business,” she said.
Fontenelle told SNO that while some customers have been opting to close their accounts with the bank, others have decided to transition to the other “fleet of products” that they are now offering.
The bank recently rolled out two new products: the new aged based account, and the youth savings account which encourages saving for persons below 17. Both of these options will not be charged, Fontenelle said.
There is also the option of a 60 plus account for senior citizens which comes with reduced rates.
“What we have been encouraging our clients to do is to visit the bank or relationship manager so we can give them the best possible advise. We have found that our clients are very understanding and appreciative of the advise that we are giving them simply because we care about our clients and we are communicating with them.”
Fontenelle said so far it has been a smooth process, as customers have responded positively.
Holders of personal savings and personal banking accounts are now required to pay a monthly fee of $25 on each account. This took effect from Monday, June 20, 2016.
The new requirement means that customers remaining with the financial institution for personal banking would pay the bank $300 for the year and $1,500 over five years.
Dozens of personal accounts have been closed here since the bank announced its new fees, it has been reported.
Other Caribbean islands have been affected by the same increase.