If you think you’re having a bad day with banking, imagine walking to your local branch to deposit your freshly earned pay check. After handing over your deposit slip, the bank tellers mentions a new fee of $8 for this service. That is what happened in the Caribbean to the minority majority islands of Trinidad and Tobago who bank with RBC Royal Bank this week.
“With prices like these it’s best you keep your money between your mattress!” responded one client on social media.
Who can blame the RBC client for thinkng this way? The new $8 deposit fee would discourage anyone from banking. To make matters worse, the brand is Canadian owned. This means a majority white country would be taking advantage of a smaller, majority Black/Indian country.
According to Guardian TT, the new fee for saving money would begin on March 27th. This $8 tax hike is one of a few
new changes set to come that will cost customers more to bank.
Last year, Royal Bank increased prices as well on various services. Day to Day banking accounts cost $25 monthly and permits clients 5 free check transactions per month. After that, each check transaction costs $3.50. The maintenance fee on savings accounts is $15 per month.
Young bankers get no fees. People over 60 with $15,000 or more in the bank also bank free of fees.
Ordering a new check book costs $25 at Royal Banks of T&T. If the book is left at the bank more than 30 days, an additional penalty holding fee of $30 is added.
If you need bank statement processed, add an additional fee of $4.50.
RBC Royal Bank is being protested by locals currently over the hike in fees appearing since 2016. Many Trinidadians and Tobagians are threatening to close accounts currently.