TINSTAAFL at the bank

[NewsWhore]

That well-known saying, "There Is No Such Thing As A Free Lunch", now applies to local banks. Apparently there are no more "free services" according to Listin Diario. Nowadays, bank reports contain multiple mentions of 'commissions and services', and 'other income' as a way of explaining income that does not come from traditional banking activities. The clients' bank statements reflect these charges. For example if a customer has a checking account and asks the bank to hold it, there will be a charge of between RD$25 and RD$50 for the service, and if the client wants the statement sent to the office, the concept is different but the charge remains. Even inactive accounts generate money. Cashing checks for large amounts, such as RD$500,000 or more, are subject to a charge of 0.005% for the service. This practice bothers the exchange houses since they need large amounts of cash and this sort of additional charge takes a bite out of their profits. In 2006, the Superintendent of Banks reported that the commercial banks received RD$6.6 billion for services, and for 'diverse income' the banks reported income of RD$2.59 billion. TINSTAAFL.

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