PDA

View Full Version : CMB Bank Increase in Monthly Charges for Non Resident Bank Accounts



elephant_guy
08-12-2016, 11:59 AM
Just a heads up for any non residents with a CMB Account. Received a letter through today stating that the monthly fee for Non Resident Bank Accounts is increasing from 30th September 2016 to $25 per month.

The excuse (cough... Reason) given is the ongoing cost of regulatory requirements...

So it will now be $300 a year to hold an account.. We shifted from ArubaBank a few years ago because of a similar rise.

Think we are running out of banks to transfer to !!

act1966
08-12-2016, 12:04 PM
We're considering dropping our Aruba bank account (we're at RBC). We'll just pay all local bills through our property manager or in person when we're on the island.

elephant_guy
08-12-2016, 12:55 PM
We're considering dropping our Aruba bank account (we're at RBC). We'll just pay all local bills through our property manager or in person when we're on the island.

Was thinking something similar...

Just pay Water, Elmar & Setar in advance and top up each time we come over...

It's sad really that the banks seem to mostly just see Non Residents as an easy source of revenue.

Are RBC any better with charges ?

act1966
08-12-2016, 03:06 PM
God, no. They're terrible and have a minimum deposit required in a non-interest bearing account - so they get the exorbitant monthly fee, the deposit "tax", the transaction fees and you don't get any interest on your minimum balance of 2500 AWG (I think that's what the level is). And they don't bother responding to service requests/emails. They're making out like bandits.


Was thinking something similar...

Just pay Water, Elmar & Setar in advance and top up each time we come over...

It's sad really that the banks seem to mostly just see Non Residents as an easy source of revenue.

Are RBC any better with charges ?

elephant_guy
08-12-2016, 03:41 PM
God, no. They're terrible and have a minimum deposit required in a non-interest bearing account - so they get the exorbitant monthly fee, the deposit "tax", the transaction fees and you don't get any interest on your minimum balance of 2500 AWG (I think that's what the level is). And they don't bother responding to service requests/emails. They're making out like bandits.

Thanks for the info Act..

Looks like it's going to be back to using the MasterCard/ATM from home and keeping my money under the Mattress while I'm in Aruba !!:rolleyes:

The banks in Aruba really do take everyone (especially tourists) for a ride.. :mad:

act1966
08-12-2016, 03:52 PM
No problem, EG. I wish there was a better way to move money than wires and having local accounts. I'd be thrilled if all utilities and government tax agencies took credit cards for payment. They'd get paid faster!!


Thanks for the info Act..

Looks like it's going to be back to using the MasterCard/ATM from home and keeping my money under the Mattress while I'm in Aruba !!:rolleyes:

The banks in Aruba really do take everyone (especially tourists) for a ride.. :mad:

elephant_guy
08-18-2016, 02:34 PM
Just an update to the above. Contacted CMB yesterday they confirmed the $25 US Dollar charge for non resident Dollar Accounts but stated that the charges for non resident AWG (Aruba Florin) accounts will actually be AWG 25.00 and not US $25 per month.

Retagger
08-19-2016, 01:07 AM
@ elephant guy - I have a non-resident Florin account and I just received a letter from CMB and it states that ALL non-resident accounts, will be increased to $25.00 US dollars effective September 30, 2016.

elephant_guy
08-19-2016, 07:57 AM
@ elephant guy - I have a non-resident Florin account and I just received a letter from CMB and it states that ALL non-resident accounts, will be increased to $25.00 US dollars effective September 30, 2016.

Hi David

I got the letter here in London too last week which caused me to post this message. I was a bit confused in that you would think for an AWG (Florin) Account the charges would be in Florins not dollars. Because of this I found a web chat section of the CMB website and had it confirmed in writing that the monthly cost for Florin accounts would now be AWG 25.00 and definitely not US $25.00. Can PM you or email a copy of the Web Chat if it's helpful to anyone. It would have been much easier if they had made it clear of the charges for both $ and AWG accounts !! Maybe most Non Residents have Dollar accounts...

act1966
08-19-2016, 09:02 AM
Hi David

I got the letter here in London too last week which caused me to post this message. I was a bit confused in that you would think for an AWG (Florin) Account the charges would be in Florins not dollars. Because of this I found a web chat section of the CMB website and had it confirmed in writing that the monthly cost for Florin accounts would now be AWG 25.00 and definitely not US $25.00. Can PM you or email a copy of the Web Chat if it's helpful to anyone. It would have been much easier if they had made it clear of the charges for both $ and AWG accounts !! Maybe most Non Residents have Dollar accounts...

Clarity isn't a strong suit of Aruba banks ;)

elephant_guy
10-17-2016, 11:28 AM
@ elephant guy - I have a non-resident Florin account and I just received a letter from CMB and it states that ALL non-resident accounts, will be increased to $25.00 US dollars effective September 30, 2016.

Guess What ???

Despite all the assurances I received from CMB via WebChat re Account Charges this month they took the Afl45 ($25) in Account Fees from our account....!!

Looks like you were spot on after all David...

I sent a sharp email to CMB pointing out that after being told in August that the Florin Account Fee would only be Afl25 AND despite the fact that I had ACTUALLY ASKED FOR THIS TO BE DOUBLE CHECKED by the Customer Services Representative that I was still charged the Afl45 this month. My email was replied to with a "Sorry for the misunderstanding" response but the reply made it clear that the future fees would still be Afl45 ($25).

Last months fees were Afl15... Thats a 300% increase in charges for a Florin Non-Resident Account. Things must be really bad with the economy (and the defecit). Either that or the banks have just got seriously greedy.

I am back over in a few weeks and will now try to revert to cash as much as possible (if I can make it work). Pay all my tax and utility bills in advance in cash or by card and if I can possibly close the a CMB account I will. I will try to use my Mastercard/Visa more and use the banks less...Much Less...

The lack of my personal Afl45 a month in fees will not decimate CMB (ArubaBank or the other banks) but if enough Non-Residents get mad enough and switch (or close) accounts I suspect that in the end the Banks would be the long term losers.

I love Aruba but sometimes I do think that some of the institutions (Hope they read this or ATA pass this on) think that Non-residents are either "Too Rich to Care" (Which I definitely am not) or Stupid (err :confused:).... Nope...

Its all pretty sad really but I don't know anyone (anywhere) who likes to be treated less favourably than the local citizens in any country and just used as a cash cow - But thats exactly whats happening.

Semi Rant Over...

Mick

Dreamer
11-05-2016, 09:13 AM
I have been fuming over Aruba Bank's Afl35 per month this whole year and was going to shop around for another bank on the next visit. Looks like I won't be finding a solution.