CMB Bank Increase in Monthly Charges for Non Resident Bank Accounts

[elephant_guy]

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]

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]

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]

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]

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 !!

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

[act1966]

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 !!

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

[elephant_guy]

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]

@ 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]

@ 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]

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