A community member posted the following on Facebook:
Perhaps this is stale news but I have just learned that Cayman banks are charging 3-4% to merchants on credit card AND debit card transactions, and of course, some merchants pass it on to their customers.
Just to bring this home, in a $500 transaction a customer could end up paying $520. In a time where many merchants no longer accept cheques and it is not safe to carry around large amounts of cash IMO this is unconscionable exploitation by the banks, particularly where debit cards are concerned since the transaction only proceeds if the customer has the funds in the bank.
Add to this that banks are quick to add the latest increase in US Prime Rate to your mortgage but I am not aware of anything being added to the interest payable on deposits.
Some people are up in arms if CUC increases their monthly bill by $2.00 but yet are strangely silent about this.
I think it is time for us to protest!
What do you think? Please participate in our poll. We have contacted one of the local banks to get their feedback on this issue and will be updating this page tomorrow.