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Clients of the local RBC Royal Bank branch have reacted angrily to the news that holders of Personal Savings and Personal Banking accounts at they will be required to pay a monthly fee of $25 on each account as of next month.
Several St Lucians have been ending their business relationship with the bank, ahead of the introduction of the new fees which will take effect here on 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.
Although the new fees will not affect senior citizens over 60 years and savers under the age of 17, 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 increase and most customers have reacted the same way.
The Eastern Caribbean Central Bank (ECCB) in a statement last month, had expressed concern about the increase in commercial banks’ fees and charges across the Eastern Caribbean Currency Union (ECCU).
The ECCB, however, does not have authority to regulate the banks.