Monday, January 22, 2018

'Paying of bank nuisance fees puzzling'*

NOT all banks have “nuisance fees” and it is incomprehensible to at least one director of the Bankers Association of Trinidad and Tobago (BATT) why people would pay them.
Speaking yesterday at the Couva Point Lisas Chamber of Commerce on Camden Road in Couva, BATT director and JMMB Bank chief executive Nigel Romano said: “So we (the banks) pay very little on deposits and there is a reason for that: supply and demand. There is a lot of money out there basically doing nothing.
“In some parts of the world—in Europe, in Japan—you have to pay the banks to hold your money. What I mean by that is that the interest rates in some of those countries are negative.
“So that gives you a context. If there is a lot of money going into the banks, and the banks can't do much with it, if the banks are too conservative, or if the economy is at it is in Trinidad—a very big 'if'—banks are going to pay less for that money because they don't want it. 

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