Minister of Finance Camillo Gonsalves has said that he considers fees charged by banks for certain services to be shocking and unacceptable.
Gonsalves, who was speaking at news conference on Monday, said many banks doing business in SVG are in the habit of charging customers multiple fees to withdraw cash from ATMs.
He said customers are charged a percentage of money withdrawn, and if the transaction is between different banks, there is another charge, making the situation more onerous for customers.
Gonsalves said while the current practice is not illegal, it is unacceptable and needs to be changed through negotiations or legislation.
The finance minister, who also holds the portfolio for economic planning, said he is disappointed that many banks have failed to live up to their promise to increase the number of ATM machines and point of sales services to customers.
He said these institutions must do more to provide a quality service to the public