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.”