The Central Bank of Trinidad and Tobago acknowledged public concern over Republic Bank Limited’s fee adjustments that took effect on May 1, 2026 and said it is engaging the bank directly. It also clarified that its legal power over fees is limited under Section 44A(1) of the Central Bank Act to setting maximum and minimum interest rates, fees and charges on loans, advances and other credit facilities, and does not extend to general service fees such as deposit account fees, in-branch transaction charges or ATM fees. Those fees instead fall under the Bank’s 2018 Market Conduct Guideline for institutions licensed under the Financial Institutions Act, which sets standards on transparency, disclosure and fair treatment of customers. To support further action, the Bank recently surveyed six commercial banks on the philosophy, governance, controls and practices behind their fees and charges. A report on the findings, together with recommendations, is being finalised for sharing with the industry and for implementation following consultation. The Bank also pointed to Basic Banking Accounts, which all commercial banks must offer under its 2021 Simplified Due Diligence Guidelines, as a lower-cost option for low-income individuals and micro-enterprises. Separately, the Central Bank is reviewing the scope and Terms of Reference of the Office of the Financial Services Ombudsman to expand consumer support in the financial system. It also said it is intensifying the National Financial Literacy Programme and maintained access to its annual comparative schedule of commercial bank fees and charges.
Central Bank of Trinidad & Tobago 2026-05-04
Central Bank of Trinidad and Tobago engages Republic Bank on fee increases and finalises industry report on bank charges
The Central Bank of Trinidad and Tobago, responding to concern over Republic Bank Limited’s fee adjustments, clarified that its power to set maximum and minimum charges applies only to credit facilities, not general service fees, which are governed by its 2018 Market Conduct Guideline. It surveyed six commercial banks on fee governance and practices and is finalising a report with recommendations, while highlighting Basic Banking Accounts as a lower-cost option for vulnerable customers. The Bank is also reviewing the Financial Services Ombudsman’s mandate and intensifying its National Financial Literacy Programme to strengthen consumer support.