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So ATM And Bank Fees Gone Up ...

this is how we do it.......

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Re: Scotiabank Ranks No.1 in Highest Bank Fees

Postby hong kong phooey » April 4th, 2017, 11:47 pm

hydroep wrote:With all the requirements for opening new accounts/ getting approvals for Credit Cards etc. banks know that the majority of people will put up with fees just to avoid the hassle of taking their business elsewhere.

Neither are there any proper alternatives. Credit Unions offer some services but are constrained by legislation. Recently some of them have developed "partnerships" with banks to offer things like fee-riddled Debit Cards (Annual subscription, reloading, currency conversion fees etc.). No reason why they shouldn't get in on the action I guess... :|


This is so true
i went to open an account for my daughter and the amount of crap i need i say forget it.
I am not new to the bank i am an existing customer with active accounts .

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Re: Scotiabank Ranks No.1 in Highest Bank Fees

Postby hong kong phooey » April 4th, 2017, 11:52 pm

src1983 wrote:

Cartel strikes again


well you put your money there .
But he is right . people have to start looking more into unit trust for their savings

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Re: Scotiabank Ranks No.1 in Highest Bank Fees

Postby src1983 » April 5th, 2017, 5:58 am

It's not a matter of putting your money there. It's a matter of the unregulated charges. The only time people will realize what going on is when the cartel say Linx is not 75c but a percentage charge

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Re: Scotiabank Ranks No.1 in Highest Bank Fees

Postby hong kong phooey » April 5th, 2017, 6:25 am

src1983 wrote:It's not a matter of putting your money there. It's a matter of the unregulated charges. The only time people will realize what going on is when the cartel say Linx is not 75c but a percentage charge


and it seems the banks going backwards
http://www.guardian.co.tt/business/2017 ... ch-queuing

RBC customers using counter services are feeling the “squeeze” after the bank decided to consolidate all counter services, resulting in only one long line for all customers.

“This is too much hardship on poor people. Since there’s only one long line for any service from withdrawal to bank drafts, you have to get there by 7am/7.30 am and line up outside the bank,” said a Belmont resident, 52, at RBC’s Independence Square, Port-of-Spain branch.

“If you come anytime shortly after the bank opens at 8am, you have one long line and hours of waiting.”

A public servant, age 34, said the long waiting time in the one line made it difficult for her to do any banking at that bank —her home branch—even on her lunch hour.

The move follows RBC’s recent increase in service fees on several over-the-counter services. The bank offered electronic services as alternative, though some customers complained.

RBC spokesperson Nicole Duke-Westfield said yesterday, “We’ve now consolidated our over-the-counter services at all branches into one line, part of our strategy as we build online and mobile services.”

“But we recognise there’s heightened activity in branches especially around the first of the month including with seniors/pensioners. So we have ways to counteract long line waiting.”

“For instance we manage the lines. Sometimes customers have simple transactions—enquiries etc—and staff will walk the lines and ask what transactions are being done and they can teach customers how to use mobile banking if their transaction allows this.”

“Many online/ATM transactions are also free so they can be used to withdraw/deposit, even between accounts and other RBC clients. You don’t have to walk with cash so this facilitates safety also.”

“We have specialised days monthly for our seniors/pensioners—where they can come in, utilise a numbering system and can sit and wait for their number to be called. Normally also, seniors don’t have to stand. They can wait to be served.”

Further, seven branches are open from 9 am to 3 pm on Saturdays—Chaguanas, Westmall, Trincity, Gulf City Mall, Maraval, Point Fortin and High Street, San Fernando. Also, 24-hour contact centres facilitate enquiries/some transactions, can reroute account issues or make appointments for matters to be handled.

Independent Senator Dr Dhanyashar Mahabir told the Guardian: “It’s clear RBC is embarking on major cost cutting. This, undoubtedly from headquarters’ instructions. The bank does however operate under license from the Central Bank.”

“In my view the Central Bank can use its powers of moral suasion to induce/extend certain services to persons who aren’t privy to e-services—the poor, elderly, many working persons who lack or cannot afford online services’ access.”

“This is similar to airlines which assign officers to assist passengers facing difficulty with electronic check ins. Since banks perform a social service as well as operate as profit enterprises, it’s the regulator’s duty to set certain social services guidelines such as tellers per branch to deal with non-online account holders. This of course must be part of the license to operate.”

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Re: Scotiabank Ranks No.1 in Highest Bank Fees

Postby juggernaught » April 5th, 2017, 7:34 am

hong kong phooey wrote:
hydroep wrote:With all the requirements for opening new accounts/ getting approvals for Credit Cards etc. banks know that the majority of people will put up with fees just to avoid the hassle of taking their business elsewhere.

Neither are there any proper alternatives. Credit Unions offer some services but are constrained by legislation. Recently some of them have developed "partnerships" with banks to offer things like fee-riddled Debit Cards (Annual subscription, reloading, currency conversion fees etc.). No reason why they shouldn't get in on the action I guess... :|


This is so true
i went to open an account for my daughter and the amount of crap i need i say forget it.
I am not new to the bank i am an existing customer with active accounts .


I went to reactivate a dormant account with FCB, they asking for my birth-paper and my dads birth paper as well, apparently to prove that I am my fathers' son, they so personal they wanna find out if I'm an outside child.

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Re: Scotiabank Ranks No.1 in Highest Bank Fees

Postby Skanky » April 5th, 2017, 8:00 am

As long as banks continue to help politicians hide their ill begotten gains they will be allowed to do as they please.

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Re: Scotiabank Ranks No.1 in Highest Bank Fees

Postby pete » April 5th, 2017, 8:47 am

As someone said above, Scotia fees might be higher but they give loans etc with much less hassle.

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Re: Scotiabank Ranks No.1 in Highest Bank Fees

Postby Dizzy28 » April 5th, 2017, 9:57 am

pete wrote:As someone said above, Scotia fees might be higher but they give loans etc with much less hassle.


At one point they also higher default rates than the other banks too.

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Re: Scotiabank Ranks No.1 in Highest Bank Fees

Postby Miktay » April 5th, 2017, 10:09 am

src1983 wrote:

Cartel strikes again


He iz correct on most points. But not all. The Banking Cartel exists in every country of the western world...not just in sweet T&T.
But it doesn't work the same way everywhere.

The dormant account policy iz dictated by the Financial Institutions Act passed by our Big Gubbament in T&T.

Every licensee shall within sixty days after the end
of its financial year publish in the Gazette and in at least two
daily newspapers published and circulated in Trinidad and
Tobago a statement showing all accounts payable by the licensee
in respect of which during a period of seven years or any longer
period, no transaction has taken place and no statement of
account has been requested or acknowledged by the creditor.

http://rgd.legalaffairs.gov.tt/laws2/al ... /79.09.pdf

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Re: Scotiabank Ranks No.1 in Highest Bank Fees

Postby juggernaught » April 7th, 2017, 12:19 pm

hong kong phooey wrote:
src1983 wrote:It's not a matter of putting your money there. It's a matter of the unregulated charges. The only time people will realize what going on is when the cartel say Linx is not 75c but a percentage charge


and it seems the banks going backwards
http://www.guardian.co.tt/business/2017 ... ch-queuing

RBC customers using counter services are feeling the “squeeze” after the bank decided to consolidate all counter services, resulting in only one long line for all customers.

“This is too much hardship on poor people. Since there’s only one long line for any service from withdrawal to bank drafts, you have to get there by 7am/7.30 am and line up outside the bank,” said a Belmont resident, 52, at RBC’s Independence Square, Port-of-Spain branch.

“If you come anytime shortly after the bank opens at 8am, you have one long line and hours of waiting.”

A public servant, age 34, said the long waiting time in the one line made it difficult for her to do any banking at that bank —her home branch—even on her lunch hour.

The move follows RBC’s recent increase in service fees on several over-the-counter services. The bank offered electronic services as alternative, though some customers complained.

RBC spokesperson Nicole Duke-Westfield said yesterday, “We’ve now consolidated our over-the-counter services at all branches into one line, part of our strategy as we build online and mobile services.”

“But we recognise there’s heightened activity in branches especially around the first of the month including with seniors/pensioners. So we have ways to counteract long line waiting.”

“For instance we manage the lines. Sometimes customers have simple transactions—enquiries etc—and staff will walk the lines and ask what transactions are being done and they can teach customers how to use mobile banking if their transaction allows this.”

“Many online/ATM transactions are also free so they can be used to withdraw/deposit, even between accounts and other RBC clients. You don’t have to walk with cash so this facilitates safety also.”

“We have specialised days monthly for our seniors/pensioners—where they can come in, utilise a numbering system and can sit and wait for their number to be called. Normally also, seniors don’t have to stand. They can wait to be served.”

Further, seven branches are open from 9 am to 3 pm on Saturdays—Chaguanas, Westmall, Trincity, Gulf City Mall, Maraval, Point Fortin and High Street, San Fernando. Also, 24-hour contact centres facilitate enquiries/some transactions, can reroute account issues or make appointments for matters to be handled.

Independent Senator Dr Dhanyashar Mahabir told the Guardian: “It’s clear RBC is embarking on major cost cutting. This, undoubtedly from headquarters’ instructions. The bank does however operate under license from the Central Bank.”

“In my view the Central Bank can use its powers of moral suasion to induce/extend certain services to persons who aren’t privy to e-services—the poor, elderly, many working persons who lack or cannot afford online services’ access.”

“This is similar to airlines which assign officers to assist passengers facing difficulty with electronic check ins. Since banks perform a social service as well as operate as profit enterprises, it’s the regulator’s duty to set certain social services guidelines such as tellers per branch to deal with non-online account holders. This of course must be part of the license to operate.”


What trinidadians have to say is haul RBC mc because it's a chore as of recently to put your money there, could you believe that? It's one long tedious process just to deposit money-your OWN money into the bank, last I knew banks used to make it easy to save your money with them, now it's a pain in the ass, feet, back and wallet(the high fees) to do so....I'm talking about standing for hours on end in a line inno.

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Re: Scotiabank Ranks No.1 in Highest Bank Fees

Postby 16 cycles » April 7th, 2017, 12:29 pm

cause of launderers etc...+ tax man /source of funds....declarations etc...

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Re: Scotiabank Ranks No.1 in Highest Bank Fees

Postby pjfred » April 7th, 2017, 3:10 pm

Palo Seco credit union paid 7% dividend Tuesday

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Re: RBC T&T Increased Fees

Postby bluefete » February 10th, 2021, 2:16 pm

So with all those increased fees: People real quiet. The only bank to make a loss like this.

RBC takes $1.91b impairment
Anthony Wilson Feb 9, 2021 Updated 2 hrs ago

DRIVEN by the impact of the Covid-19 pandemic, RBC Financial (Caribbean) declared an after-tax loss of $1.84 billion for its financial year ending October 31, 2020, which was mainly caused by goodwill impairment expense of $1.91 billion and provisioning for credit losses on loans and securities of $486.96 million.

I guess that is what happens when you treat your customers badly.

I wonder if another "fire sale" is coming.

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Re: RBC T&T Increased Fees

Postby DMan7 » February 10th, 2021, 2:21 pm

Just now it'll only have 2 banks remaining in TnT, Republic and Scotia.

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Re: RBC T&T Increased Fees

Postby bluefete » February 10th, 2021, 2:25 pm

DMan7 wrote:Just now it'll only have 2 banks remaining in TnT, Republic and Scotia.


Ent? Gov't looking to sell FCB long time now but as long as they are profitable they can raid it for dividends.

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Re: RBC T&T Increased Fees

Postby Fadakartel » February 10th, 2021, 2:25 pm

DMan7 wrote:Just now it'll only have 2 banks remaining in TnT, Republic and Scotia.


Correct RBC has already sold off it`s eastern Caribbean assets to a few banks in the region, I see RBC T&T eventually selling off, would be fun to see who may try to buy it.

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Re: RBC T&T Increased Fees

Postby bluefete » February 10th, 2021, 2:30 pm

Interesting history:

World View – Withdrawal Of Canadian Banks: Opportunity To Remedy Not Repeat Mistakes
As of Monday, December 16, 2019


#By SIR RONALD SANDERS

#THE untidy and muddled way in which Canadian banks are withdrawing from the countries of the Commonwealth Caribbean is a direct result of insufficient attention being paid by governments to the terms of their entry at the time. Commonwealth Caribbean countries are those that were former colonies, or are still territories of, the United Kingdom.

#It is reported that: “Beginning in 1955, a former governor of the Bank of Canada and director of the Royal Bank of Canada, Graham Towers, along with a representative from the Ministry of Finance, helped write the Bank of Jamaica law of 1960 and that country’s Banking Law of 1960. These laws, which became the model for the rest of the newly independent English Caribbean, pleased Canadian banks.”

#Quite extraordinarily, the major Canadian banks that established in the Commonwealth Caribbean did so on a letter of comfort; they did not invest a cent in capital, other than what was needed to satisfy the start-up of operations. From the time they opened their doors to now when they are closing them, Canadian banks were mere custodians of the assets of Caribbean people or people benefitting from doing business in the Caribbean. The only things they owned were the few buildings they bought or built and the large profits they made for many decades – all of which were repatriated to Canada for the benefit of their shareholders and the Canadian economy.

#What they are selling today is the custody of the assets of Caribbean depositors and viable loans within Caribbean jurisdictions that give a good return.

#Over the years, the profits from their Caribbean operations have amounted to thousands of millions of dollars. This is why in the sudden haste of Canadian banks to depart the Caribbean, regional governments should be careful not to repeat the mistakes of their predecessor governments in the late 1950s and 1960s that allowed the Canadian banks to formulate terms.

#There are a few facts that should be borne in mind. First, up until their secretive rush to depart the region, Canadian banks controlled more than 60 percent of the Caribbean’s banking sector. This means they conducted more than 60 percent of the region’s transactions. In this scenario, if the region is accused of involvement in money laundering and tax evasion, it seems logical Canadian banks in the region were involved in some measure of that activity.

This is borne out by Alain Deneault in a 2015 book titled, “Canada: A New Tax Haven: How the Country That Shaped Caribbean Tax Havens Is Becoming One Itself”. In the book, Deneault writes: “Beginning in the 1950s, at the instigation of Canadian financiers, lawyers, and policymakers, these jurisdictions changed to become some of the world’s most frighteningly accommodating jurisdictions.

In 1955, a former governor of the Bank of Canada most probably helped make Jamaica into a reduced-taxation country. In the 1960s, as the Bahamas were becoming a tax haven characterized by impenetrable bank secrecy, the Bahamian finance minister was a member of the board of administrators of the Royal Bank of Canada (RBC). A Calgary lawyer and former Conservative Party honcho drew up the clauses that enabled the Cayman Islands to become an opaque offshore jurisdiction.”

#In this sense, the Canadian banks may have reason to consider their own contribution to the tainting of the Caribbean as a tax haven and the consequences that regional countries now face in terms of the withdrawal of correspondent banking relations (CBRs) that are vital to their economies and the wellbeing of their people.

#That brings us to a second consideration surrounding the sale of the operations of the Canadian banks in Caribbean jurisdictions. It is related directly to maintaining CBRs. Correspondent banks in the US are reluctant to provide CBRs to respondent banks in Caribbean jurisdictions that have assets of less than $1 billion.

That restriction applies to most indigenous banks. It is why Antigua and Barbuda’s Prime Minister Gaston Browne insisted any sale of their operations by Canadian banks must be made to indigenous entities. This policy was designed to ensure local banks could achieve the asset base of $1 Billion that would make CBRs more secure.


When a consortium of indigenous banks purchase the operations of Royal Bank of Canada (RBC), formally announced on December 12, each of them will be in a better position than before, and the Eastern Caribbean economies would be more confident of their capacity to continue to participate in global trade and finance. The acquiring consortium of indigenous banks are: 1st National Bank of St. Lucia, Antigua Commercial Bank Ltd., National Bank of Dominica Ltd., the Bank of Montserrat and Bank of Nevis Ltd.

#In this regard, recognition is due to Gaston Browne, for not agreeing to the sale of Bank of Nova Scotia (BNS) to other than indigenous banks in his country. Had he not done so, RBC may not have decided that the wise course was to sell only to the indigenous banks.

#As it stands, the sale of BNS operations in jurisdictions in the Eastern Caribbean, other than Antigua and Barbuda, is a lost opportunity. Had governments provided the overall economic guidance, indigenous banks could have acquired over $2 billion of the assets being held by BNS for approximately $50 million, resulting in stronger indigenous banks; each better placed to secure CBRs and each more financially secure.

What is more, the assets and the generated profits would have benefitted a faster rate of social and economic development of Eastern Caribbean countries. As it now stands, those profits will now flow to Republic Financial Holdings (RFH) and shareholders in Trinidad and Tobago, when they could have been kept in the Eastern Caribbean.

#No quarrel with RFH, it made a business decision in its own interest and that is what businesses do.
It is a shame a similar good business decision was not made by the Eastern Caribbean authorities, except Antigua and Barbuda.

#The writer is Ambassador of Antigua and Barbuda to the United States and the Organization of American States. He is also a Senior Fellow at the Institute of Commonwealth Studies at the University of London and at Massey College in the University of Toronto. The views expressed are entirely his own. Responses and previous commentaries: http://www.sirronaldsanders.com

http://www.tribune242.com/news/2019/dec ... rtunity-r/

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Re: RBC T&T Increased Fees

Postby zoom rader » February 10th, 2021, 2:44 pm

^^^ All that going on but red government after the doubles man, sou sou and the barber

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Re: RBC T&T Increased Fees

Postby K74T » February 24th, 2021, 8:19 am

FB_IMG_1614169038168.jpeg

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Re: RBC T&T Increased Fees

Postby Dizzy28 » February 24th, 2021, 9:07 am

Ppl still banks with RBC?
Don't know a single person who banks with them with the exception of my mother and that's a legacy issue.

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Re: RBC T&T Increased Fees

Postby DMan7 » February 24th, 2021, 12:24 pm

The problem is which bank to go with. I'm with Scotia Bank and they are a mess too. So is republic on certain things as well. And FCB too backwards.

It's best you just close your eyes and pick a bank they all have their problems anyways.

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Re: RBC T&T Increased Fees

Postby timothymcdavid » February 24th, 2021, 12:55 pm

RBC is a proper mess but the other banks arent any better.

Try calling most of them without a contact and let me know how easy you get through.

My understanding is at least one major bank wont let you open your account unless your salary is being directly into it.

Wonder how long this bad service foolishness will continue.

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Re: RBC T&T Increased Fees

Postby bluefete » February 24th, 2021, 4:40 pm

Time to send more people home and close more branches. Wait for it.

Remember that $1.8 billion loss by RBC Caribbean for 2020.

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Re: RBC T&T Increased Fees

Postby bluefete » February 24th, 2021, 4:42 pm

RBC Bank Fees went up AGAIN on 29/1/2021.


http://www.rbcroyalbank.com/caribbean/t ... harges.pdf

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Re: RBC T&T Increased Fees

Postby timothymcdavid » February 25th, 2021, 5:09 pm

Boy as a long time RBC customer "They catch me first in high school" I had it up to my eye balls with them so long ago so I making a move.

No this thread didnt set me on that course but just the experience about 3x's that RBC atm and credit cards werent working.

So this morning went to a competing bank for a 10AM appointment rain buss is 9:55AM they had me and about 40 other customers in the damn rain waiting for the bank to open.

Real real dawg treatment for their customers and me who aint even one yet ... steups ... anyhow it was a choice between the devil and the deep blue see.

So yeah I hold meh tongue and calmed my temper.

The sign up process went well was out of there in an hour ... not to bad at all ... I didnt get wet down cause I had the good sense to have an umbrella always in my car.

We will see where this journey leads but needless to say this new bank aint off to a good start.

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Re: RBC T&T Increased Fees

Postby Dohplaydat » February 25th, 2021, 5:15 pm

bluefete wrote:Time to send more people home and close more branches. Wait for it.

Remember that $1.8 billion loss by RBC Caribbean for 2020.

.
Image


them hadda be joking with that, oh well switching banks now.

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Re: RBC T&T Increased Fees

Postby matr1x » February 25th, 2021, 6:00 pm

Wait, ppl still banking with them?

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Re: RBC T&T Increased Fees

Postby DMan7 » February 25th, 2021, 6:41 pm

I surprised if anyone banking with Scotia tbh. They are the worst bank in TT IMO.

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Re: RBC T&T Increased Fees

Postby bluefete » February 28th, 2021, 2:44 pm

Real people going and get catch with that.

You cannot put in your card and make a $5K one time withdrawal.

You can only take out a MAX of $3K per withdrawal.

Then you have to put your card in again and take out the other $2K.

RBC MC!


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Re: So ATM And Bank Fees Gone Up ...

Postby The_Honourable » March 15th, 2023, 11:54 pm

FCB stands by fee increase: Bank can no longer absorb charge

First Citizens Bank (FCB) has defended its decision to introduce a transaction fee for transfers made to external banks.

Loop News enquired about the fee after an email was sent to customers on Monday advising of a $1.25 service charge to be implemented from June 17.

Gillian Benjamin, the head of brand and marketing, responded to questions sent through email on Tuesday morning.

She explained that at the onset of the pandemic FCB improved the turnaround time for transfers to other banks, down from between eight and 10 days to two days.

However, she said the bank could no longer absorb those charges.

"During that time, First Citizens absorbed the transaction fee of $1.25TT per transaction to assist our customers. This fee is not new, but an existing, standard per transaction ACH fee charged for transfers to other banks by all of the major commercial banks."

Benjamin said FCB decided to pass on the fee to customers "at the lowest possible cost" in keeping with industry standards.

"As a best practice, we have communicated directly with our customers in advance of the fee implementation so that our customers can make informed transacting decisions."

As for industry standards, all banks do not charge for this service. Once FCB implements the charge later this month, Scotiabank and Republic Bank will be the only ones on the list to offer it for free for retail customers.

Republic Bank has a $1.00 transfer fee between local banks for its corporate customers.

Meanwhile, to send funds to local banks, Royal Bank of Canada (RBC) charges $1.25.

Jamaica Money Market Brokers (JMMB) has a $2 fee per transaction.

https://tt.loopnews.com/content/fcb-sta ... orb-charge

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