So ATM And Bank Fees Gone Up ...

[The_Honourable]

Scotiabank announces $1.50 fee for online transfers to other banks

Effective February 10, 2023, Scotiabank online transfers to other local banks via the Scotia Caribbean App and Scotia OnLine Banking, will now cost $1.50.

Customers were alerted to the impending change via emails and a notice posted to the bank’s website.

The bank reminded customers that transfers from Scotia-to-Scotia accounts remain free.

Scotiabank is the latest commercial bank to introduce charges for online transfers to other banks.

Last year, First Citizens Bank (FCB) introduced a $1.25 fee for the service.

In an email to customers then, FCB said: "The fee helps us ensure our commitment to providing the very best online banking services to you, our customer." The bank also promised that online bank transfers to local third party financial institutions were made quicker and easier.

RBC Royal Bank confirmed that online bank transfers to other local banking institutions is $1.25.

Loop News has reached out to Republic Bank Limited for clarification on its fees to conduct online transfers to other local banks.

https://tt.loopnews.com/content/scotiab ... ther-banks

[daring dragoon]

FCB stands by fee increase: Bank can no longer absorb charge

First Citizens Bank (FCB) has defended its decision to introduce a transaction fee for transfers made to external banks.

Loop News enquired about the fee after an email was sent to customers on Monday advising of a $1.25 service charge to be implemented from June 17.

Gillian Benjamin, the head of brand and marketing, responded to questions sent through email on Tuesday morning.

She explained that at the onset of the pandemic FCB improved the turnaround time for transfers to other banks, down from between eight and 10 days to two days.

However, she said the bank could no longer absorb those charges.

"During that time, First Citizens absorbed the transaction fee of $1.25TT per transaction to assist our customers. This fee is not new, but an existing, standard per transaction ACH fee charged for transfers to other banks by all of the major commercial banks."

Benjamin said FCB decided to pass on the fee to customers "at the lowest possible cost" in keeping with industry standards.

"As a best practice, we have communicated directly with our customers in advance of the fee implementation so that our customers can make informed transacting decisions."

As for industry standards, all banks do not charge for this service. Once FCB implements the charge later this month, Scotiabank and Republic Bank will be the only ones on the list to offer it for free for retail customers.

Republic Bank has a $1.00 transfer fee between local banks for its corporate customers.

Meanwhile, to send funds to local banks, Royal Bank of Canada (RBC) charges $1.25.

Jamaica Money Market Brokers (JMMB) has a $2 fee per transaction.

https://tt.loopnews.com/content/fcb-sta ... orb-charge

absorb what fee? everything is online, not a drop of ink or scrap of paper cost for the bank to absorb. they pay for internet anyway to connect branch to branch. not a human person to pay to process the transfer. everybody feel when they in a position to dig out somebody eye they should do it. no wonder the world gone to sheit yes. banks in the US crashing so dont feel sorry when TT banks crash. keep your money at home an not in that death trap of a bank.

[teems1]

FCB stands by fee increase: Bank can no longer absorb charge

First Citizens Bank (FCB) has defended its decision to introduce a transaction fee for transfers made to external banks.

Loop News enquired about the fee after an email was sent to customers on Monday advising of a $1.25 service charge to be implemented from June 17.

Gillian Benjamin, the head of brand and marketing, responded to questions sent through email on Tuesday morning.

She explained that at the onset of the pandemic FCB improved the turnaround time for transfers to other banks, down from between eight and 10 days to two days.

However, she said the bank could no longer absorb those charges.

"During that time, First Citizens absorbed the transaction fee of $1.25TT per transaction to assist our customers. This fee is not new, but an existing, standard per transaction ACH fee charged for transfers to other banks by all of the major commercial banks."

Benjamin said FCB decided to pass on the fee to customers "at the lowest possible cost" in keeping with industry standards.

"As a best practice, we have communicated directly with our customers in advance of the fee implementation so that our customers can make informed transacting decisions."

As for industry standards, all banks do not charge for this service. Once FCB implements the charge later this month, Scotiabank and Republic Bank will be the only ones on the list to offer it for free for retail customers.

Republic Bank has a $1.00 transfer fee between local banks for its corporate customers.

Meanwhile, to send funds to local banks, Royal Bank of Canada (RBC) charges $1.25.

Jamaica Money Market Brokers (JMMB) has a $2 fee per transaction.

https://tt.loopnews.com/content/fcb-sta ... orb-charge

absorb what fee? everything is online, not a drop of ink or scrap of paper cost for the bank to absorb. they pay for internet anyway to connect branch to branch. not a human person to pay to process the transfer. everybody feel when they in a position to dig out somebody eye they should do it. no wonder the world gone to sheit yes. banks in the US crashing so dont feel sorry when TT banks crash. keep your money at home an not in that death trap of a bank.

You think that networking the banks together is all that is needed?

The software licenses alone to use ACH and SWIFT are massive.

The banking admin system is another huge expense.

Then you have the huge Microsoft licenses and Security licenses to pay.

The software budget at these banks are in the tens of millions per year.

[triniterribletim]

FCB stands by fee increase: Bank can no longer absorb charge

First Citizens Bank (FCB) has defended its decision to introduce a transaction fee for transfers made to external banks.

Loop News enquired about the fee after an email was sent to customers on Monday advising of a $1.25 service charge to be implemented from June 17.

Gillian Benjamin, the head of brand and marketing, responded to questions sent through email on Tuesday morning.

She explained that at the onset of the pandemic FCB improved the turnaround time for transfers to other banks, down from between eight and 10 days to two days.

However, she said the bank could no longer absorb those charges.

"During that time, First Citizens absorbed the transaction fee of $1.25TT per transaction to assist our customers. This fee is not new, but an existing, standard per transaction ACH fee charged for transfers to other banks by all of the major commercial banks."

Benjamin said FCB decided to pass on the fee to customers "at the lowest possible cost" in keeping with industry standards.

"As a best practice, we have communicated directly with our customers in advance of the fee implementation so that our customers can make informed transacting decisions."

As for industry standards, all banks do not charge for this service. Once FCB implements the charge later this month, Scotiabank and Republic Bank will be the only ones on the list to offer it for free for retail customers.

Republic Bank has a $1.00 transfer fee between local banks for its corporate customers.

Meanwhile, to send funds to local banks, Royal Bank of Canada (RBC) charges $1.25.

Jamaica Money Market Brokers (JMMB) has a $2 fee per transaction.

https://tt.loopnews.com/content/fcb-sta ... orb-charge

absorb what fee? everything is online, not a drop of ink or scrap of paper cost for the bank to absorb. they pay for internet anyway to connect branch to branch. not a human person to pay to process the transfer. everybody feel when they in a position to dig out somebody eye they should do it. no wonder the world gone to sheit yes. banks in the US crashing so dont feel sorry when TT banks crash. keep your money at home an not in that death trap of a bank.

You think that networking the banks together is all that is needed?

The software licenses alone to use ACH and SWIFT are massive.

The banking admin system is another huge expense.

Then you have the huge Microsoft licenses and Security licenses to pay.

The software budget at these banks are in the tens of millions per year.

Plus you have the cost of maintaining the archaic legacy systems that many local banks and the LINX network itself depends on. They use bloody Novell NetWare on some back end systems. The last release of that was in 2009 and the end of support was in 2017. It's a matter of when, not if. Someone smart or stupid will do something that will majorly disrupt the house of cards systems that are in place.

[teems1]

FCB stands by fee increase: Bank can no longer absorb charge

First Citizens Bank (FCB) has defended its decision to introduce a transaction fee for transfers made to external banks.

Loop News enquired about the fee after an email was sent to customers on Monday advising of a $1.25 service charge to be implemented from June 17.

Gillian Benjamin, the head of brand and marketing, responded to questions sent through email on Tuesday morning.

She explained that at the onset of the pandemic FCB improved the turnaround time for transfers to other banks, down from between eight and 10 days to two days.

However, she said the bank could no longer absorb those charges.

"During that time, First Citizens absorbed the transaction fee of $1.25TT per transaction to assist our customers. This fee is not new, but an existing, standard per transaction ACH fee charged for transfers to other banks by all of the major commercial banks."

Benjamin said FCB decided to pass on the fee to customers "at the lowest possible cost" in keeping with industry standards.

"As a best practice, we have communicated directly with our customers in advance of the fee implementation so that our customers can make informed transacting decisions."

As for industry standards, all banks do not charge for this service. Once FCB implements the charge later this month, Scotiabank and Republic Bank will be the only ones on the list to offer it for free for retail customers.

Republic Bank has a $1.00 transfer fee between local banks for its corporate customers.

Meanwhile, to send funds to local banks, Royal Bank of Canada (RBC) charges $1.25.

Jamaica Money Market Brokers (JMMB) has a $2 fee per transaction.

https://tt.loopnews.com/content/fcb-sta ... orb-charge

absorb what fee? everything is online, not a drop of ink or scrap of paper cost for the bank to absorb. they pay for internet anyway to connect branch to branch. not a human person to pay to process the transfer. everybody feel when they in a position to dig out somebody eye they should do it. no wonder the world gone to sheit yes. banks in the US crashing so dont feel sorry when TT banks crash. keep your money at home an not in that death trap of a bank.

You think that networking the banks together is all that is needed?

The software licenses alone to use ACH and SWIFT are massive.

The banking admin system is another huge expense.

Then you have the huge Microsoft licenses and Security licenses to pay.

The software budget at these banks are in the tens of millions per year.

Plus you have the cost of maintaining the archaic legacy systems that many local banks and the LINX network itself depends on. They use bloody Novell NetWare on some back end systems. The last release of that was in 2009 and the end of support was in 2017. It's a matter of when, not if. Someone smart or stupid will do something that will majorly disrupt the house of cards systems that are in place.

The old IBM iSeries OS400 boxes running UNIX can be virtualized, but the cost of hosting is not cheap.

[paid_influencer]

correct me if I'm wrong - but they would have to maintain that infrastructure regardless. The relevant question would be what is the marginal cost of a local, non-corporate bank-to-bank transaction, and how that compares to the new $1.25 per transfer fee within the context of the already existing fee structure. ideally the one asking should be the island's impartial, socially-aware regulator. but we don't have one of those. so nobody is asking, just kinda gotta take it as it is and move on

[wagonrunner]

correct me if I'm wrong - but they would have to maintain that infrastructure regardless. The relevant question would be what is the marginal cost of a local, non-corporate bank-to-bank transaction, and how that compares to the new $1.25 per transfer fee within the context of the already existing fee structure. ideally the one asking should be the island's impartial, socially-aware regulator. but we don't have one of those. so nobody is asking, just kinda gotta take it as it is and move on

we actually have that.
but as with most of those regulators, they are hindered by either relics at the helm who have no interest in modernisation. or relic laws inherited from the former and unaware of how to update them.