Development Bank clarifies: USD $5 fee applies only to online USD transactions

The Development Bank of St Kitts and Nevis has issued a clarification on the ongoing social media buzz, which outlines that the loan borrowers will have to pay a USD$ 13.50 monthly fee. As per the bank, they will charge a much lesser fee to their customers and that too for those who made any online transactions through US Dollars, and not to the local payments made through XCD.  

The bank clarified this through a statement released on 6th April titled, “Important Notice Re: Loan Payment Processing Fee for using USD online payment portal.” Through the statement, the bank emphasized that a USD $5.00 processing fee plus VAT will be applicable and will only be charged to the borrowers using the Bank’s USD online payment portal.  

While emphasizing on the charges and the service, the bank highlighted that this service is primarily used by overseas clients and not by locals. Development Bank confirmed that the loan payments made in XCD, from any source including salary deductions, standing orders, in person payments or more will not be charged with any such fees.  

“The recently implemented USD $5.00 + VAT loan payment processing fee… applies only to customers utilizing the USD online payment portal,” the release read.  

Notably, this clarification by the bank comes in response to the false reports that are circulating on social media which has created a buzz among netizens. These claims have left citizens concerned and puzzled who demanded an answer from the bank.  

Development Bank confirms online transaction as cost effective solution for overseas borrowers  

The fees have come into effect from 1st April and the bank has highlighted that the fee charged by them helps in maintaining the third-party costs, which are involved in maintaining the online platform. The bank further mentioned that despite the introduction of the fee, the bank’s online portal is a significantly affordable alternative to the traditional remittance options.  

“This fee allows us to continue delivering a high standard of service while ensuring the online payment option remains significantly more affordable than traditional remittance methods,” the statement explained. 

Development Bank commits transparency and enhanced customer care  

Through their closing statement, the bank reaffirmed to their customers that they are committed to being trustworthy, transparent and affordable making banking services easy and accessible to everyone. The authorities emphasized that the fee implemented by them was put in effect after careful consideration and open communication with stakeholders. Development Bank ended its statement stating that any customer who is concerned or wants to have any further clarification could directly contact them for answers.