Commercial banks have decided to remove a number of banking fees and charges that have been considered unfair or anti-competitive.

Governor of Reserve Bank Barry Whiteside said that the decision follows successful rounds of talks between the Reserve Bank and the heads of Fiji’s commercial banks.

Whiteside said that the inward dishonor cheque fee, early termination fee, insufficient funds fee, unclaimed monies fee, dormant account fee and over the limit fee for credit cards have been removed effective from 1st January.

He said a number of fees and charges imposed by banks have regularly been highlighted by the general public, through direct complaints to the RBF and in the media, as being “unfair or unjust”.

Meanwhile, Whiteside said that the commercial banks have agreed to place maximum limits on account overdrawn fee of $15, late payment fee for credit cards of $20, $25 for outward dishonor cheque fee, $25 for loan arrears fee and one percent for commitment or holding fee.

The governor said that the changes are expected to impact on bank profitability however, the Reserve Bank is confident that the concessions will be well received by the public.


Story by: Sneh Chaudhry
Source: Reserve Bank