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New Cheque Cashing Fees are linked to the APSSS #537331
07/17/19 05:57 AM
07/17/19 05:57 AM
Joined: Oct 1999
Posts: 62,976
oregon, spr
Marty Offline OP

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Marty  Offline OP

Persons carrying out transactions via cheques are paying an additional service charge for its processing. Commercial banks have been laying that cost at the feet of their customers. As we reported two weeks ago, the new fees are linked to the Automated Payment and Securities Settlement System which came into effect on July first.  But the processing fees differ depending on the banking institution. Today, Deputy C.E.O. of the Belize Bank, Filippo Alario says the cost for processing the cheques is determined by the bank mindful of competition. 

Filippo Alario, Deputy C.E.O., Belize Bank

“That cost is passed on through the banks. Each bank calculates what is their cost of operating and each one charges their particular fee. The Central Bank cannot force a bank to charge more or less. But there are many banks and I believe that competition should prevail and people should move to banks that charge less. So it is not in any body’s bank’s interest to charge the highest price because, with the competition that is there, very easily they can move from one bank to the other. So we are all trying to keep the cost as little as possible.”

Channel 5


Re: New Cheque Cashing Fees are linked to the APSSS [Re: Marty] #537351
07/18/19 02:55 PM
07/18/19 02:55 PM
Joined: Jul 2010
Posts: 1,417
San Pedro, Belize
Judyann H. Offline
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Judyann H.  Offline
FYI: Our Merchant Account is with Heritage Bank.... Our fees to write a check to someone who has a different bank account is $4.50 per check. We have been told that the Central Bank charge is only .50 for the fee. Therefore I recommend if shopping for a new bank to find something in between. We are now searching for options; as we write as many as 300 checks per month. Sadly we will have to leave our bank of 12 years.... frown


My friends call me Judyann

www.blackorchidrestaurant.com
Re: New Cheque Cashing Fees are linked to the APSSS [Re: Marty] #537352
07/18/19 03:33 PM
07/18/19 03:33 PM
Joined: May 2000
Posts: 6,830
San Pedro Town, Ambergris Caye...
Amanda Syme Offline

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Amanda Syme  Offline
Do not close that account until you have a new account open!

I have been paying $1 per cheque for years with Belize Bank and Atlantic - not sure if those rates have increased yet.

I have started paying more and more online - but transferring from one local bank to another is $5 or more per transaction also. I am trying to get the hang of it all too!

Re: New Cheque Cashing Fees are linked to the APSSS [Re: Marty] #537369
07/19/19 12:13 PM
07/19/19 12:13 PM
Joined: Jul 2010
Posts: 1,417
San Pedro, Belize
Judyann H. Offline
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Judyann H.  Offline
Thank you Amanda.... Wow $5 for online.... ? Sorry to hear it... Our online transfers to other Heritage account holders is included in our Merchant Account. However, if we make online transfers to other Banks of Belize it is $3.... Somehow that makes me feel better..... Hoping the fees come down a bit as the competition works our their policies.


My friends call me Judyann

www.blackorchidrestaurant.com

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