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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...
src1983 wrote:
Cartel strikes again
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
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 .
pete wrote:As someone said above, Scotia fees might be higher but they give loans etc with much less hassle.
src1983 wrote:
Cartel strikes again
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.
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.”
DMan7 wrote:Just now it'll only have 2 banks remaining in TnT, Republic and Scotia.
DMan7 wrote:Just now it'll only have 2 banks remaining in TnT, Republic and Scotia.
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.
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