Belize Bank and Central Bank Reach Agreement on Banking Fees: Changes Incoming

The Central Bank of Belize and the Belize Bank have come to terms with an agreement that will see Belize Bank discontinue its application in the courts against the Central Bank.  It will also see the local banks voluntarily revising their banking fees.  In a statement issued, the Belize Bank, as well as Atlantic Bank, the National Bank of Belize, and Heritage Bank have agreed to adjust its banking fees effective October 1, 2024.  The banks have agreed to remove the fees for the issuance of salary release letters; and the closing of accounts (within a certain time frame); it has also agreed that the fees for withdrawing money from the ATMs will be capped at twenty-five cents.  Meanwhile, the early payment of mortgages will see a reduction in fees. Today, Belize Bank’s attorney, Senior Counsel Godfrey Smith, spoke on the purpose of the agreement and how it was made. 

With this agreement made between the local banks and the Central Bank of Belize, Practice Direction Number 7 has now been deemed void.