Knight: Review bank laws

 MANUS MP Ronnie Knight has urged the Government to review banking policies by reducing service fees and allowing affordable rates for the people. 

Knight told Parliament last Friday that there were many unnecessary fees charged for services that many people in remote areas were not benefiting from. 

He said the former Papua New Guinea Banking Corporation provided affordable banking services that were enjoyed by the people. 

Knight said this should be the case with operating banks to suit customers in remote areas. 

“It is frustrating and mostly impossible for an average villager to start an account let alone obtain a loan with the conditions set by these institutions,” he said. 

“It is also sad that when an average person does get an account, problems compound.

“Today, the banks are telling us that we have to pay them for the privilege to allow them to use our money,” Knight said. 

“Let us review the laws to allow the banks to shut the life savings of the small people of Papua New Guinea. 

“Currently, there are fees for cash deposits, withdrawals and cash handling fees, ATM fees and account maintenance fees and many other fees. 

“And we might soon be charged to stand in line and enjoy the airconditioning then get served. 

“Depositing money and see that after one year it will all be gone from the fees charged. 

“The banks are using our money to make money and we are paying them for the privilege.”

Knight said other countries had legislations that ensured customers were not charged excessive fees and the country should follow that.

He suggested that the review should see that there should not be any fees charged for a simple savings account at banks.