All licensed financial institutions (LFIs) governed under the Banking Act of 2015 are being encouraged to make basic bank accounts available to their customers, effective the first day of December 2024.

That’s the word from the Eastern Caribbean Central Bank (ECCB).

This call, according to the Bank’s platform “ECCB Connects”, “affirms the ECCB’s commitment to financial inclusion that is, making financial products and services available and affordable to all individuals and business owners in the Eastern Caribbean Currency Union (ECCU).”

The proposed amendments define a basic bank account as a savings account that: is free to open; does not attract charges for the making of deposits or withdrawals; accrues interest; is not subject to a minimum balance; may be subject to a maximum balance; and does not have an associated chequing or overdraft facility.

It also comes following National Bank’s announcement that effective November 1st, 2024, a new set of fees is to be introduced. This included: account maintenance fee, where if an account has less than $100 EC, a $5.00 + VAT monthly charge will be added.