Republic Bank to Hike Fees From May 1, Business Groups Warn of Strain on Small Enterprises

Republic Bank Limited will implement a series of fee increases on select products and services from May 1, including raising the cost of manager’s cheques from $20 to $30, foreign currency drafts from $28.75 to $35, and non-sufficient funds fees from $34.50 to $57.50. Business organisations, including the Confederation of Regional Business Chambers and the Chaguanas Chamber of Commerce, have expressed concern that the increases are poorly timed given the financial pressure already facing small and medium-sized enterprises. Business leaders warned the costs are likely to be passed on to consumers, driving up inflation.