ATM regulation unfair to low-income people – NationNews Barbados – nationnews.com
Energy, Small Business and Entrepreneurship Minister Kerrie Symmonds has now added his voice to public outcry over rising bank fees and cumbersome regulations for the use of automated teller machines (ATMs) .
The minister was particularly offended by the decision of some banks to institute a minimum withdrawal of $ 50 at an ATM, arguing that this decision went against the goal of becoming a cashless society, while alienating the poor and microenterprises that depend on small cash transactions. .
Without mince words to express his perspective on the recent hot issue, Symmonds told the DAILY NATION: âThis is an attack on both the convenience of low-income people and on the basic necessities of life for people on low incomes. low income. I want to be very, very clear on this issue. Withdrawing small amounts of money from an ATM machine is not only their highest level of convenience for thousands of Barbadians, but it is also a necessity. “
He further lamented: âThere are still many traders and micro-enterprises in this country that have to be reached by low-income people and these businesses can only operate with cash, and although for some it might seem like petty cash, or what some higher up and well-off people scornfully call stupid change, to others it is the personal of life because many of our people don’t. no choice but to exchange money. (CLM)
Subscribe now to our ENATION edition for the full story.
For the latest stories and updates, download the National news apps for iOS and Android.