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While the list does not include the full range of fees, the Bank has captured some of the most common ones that institutions charge on traditional products, so that persons in the market for personal/retail banking services can compare what various entities are imposing when making their banking decisions.
Among the fees the Bank will publish are those related to minimum balances for savings and chequing accounts, monthly fees, charges for deposits and withdrawals, and some credit card-related fees.
The focus of the Bank’s initiatives is to prevent a disincentive for savings that could cause financial exclusion of savers with minimal balances.
Although the standard publishing cycle will be every six months, the Bank advises that it may update its website within that period, should there be material changes to the structure of the select fees published by the Bank.