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Prepare to Pay More at Local Banks

The Central Bank of Belize has begun charging processing fees to the local banks will be passed on to consumers, effective today, July 1.  These new charges have to do with the Automated Payments and Securities Settlement System (APSSS) which was rolled out in October 2016.  This system has improved the efficiency of banking services, ranging from the immediate processing of cheques from one bank to the other.  Love News understands that the APSSS program has been costing the Central Bank of Belize an estimated eight hundred thousand dollars on an annual basis due to the features such as the automated clearing house, the real-time gross settlement system, the automated cheque processing system and the central securities depository. So, with all this said, what does this mean to the banking consumer?  For those banking with Atlantic Bank, you will the fees to process a cheque go up to two dollars and seventy five cents, although Central Bank is only charging one dollar.  To do same day transfers will cost two dollars and for instant payments, you will pay three dollars.  For those banking with Belize Bank, the fees are more or less the same as Altantic Bank.  The fees and charges per bank will differ but for now, you can find out more on these charges at the Central Bank of Belize’s website.///////