Colombia’s finance minister has said he will put a stop to the “high” fees charged by banks for the provision of services, financial publication reported Tuesday.
Finance Minister Juan Carlos Echeverry said measures will be taken before the end of 2011, and will apply to the services that cost the most and are the most popularly used.
Colombian bankers are often are charged for basic transactions such as receiving salary payments or withdrawing money outside of the area in which the account was opened. Many banks also have a monthly charge for having a bank account and only allow a limited number of free withdrawals.
Echeverry said he considers the fees “invasive,” and need to be curtailed in order for more people to have access to the banking system.
The minister acknowleged that some banks have reduced or eliminated the costs of certain services, but said the cuts have not been widespread.