Speaker criticises rise in bank fees and charges for charities

Wed, 31 Mar 2021

The Speaker of the House of Keys has condemned Isle of Man Bank's decision to charge charities basic banking fees.

Juan Watterson says he hopes to move a motion in Tynwald next month that will pave the way for all licensed banks to require them to allow charities and not for profit clubs to do basic banking for free.

Mr Watterson said: "Charities are the heart and soul of the community. Every pound given to charity is a pound donated by a person who wants to see it put to the charitable purposes of the charity, to developing sport or the arts, not to line the pockets of bank shareholders."

"I accept that the IOM Bank has a disproportionate number of charity accounts compared with others on the Island, but there are better ways to deal with this than a £10 per month charge and 2.5% on all cash banked."

"The direction is clear: bank online, close branches, add to the estimated £1.3 billion of profit made by RBS this year."

Streaming Now

Facebook

Speaker criticises rise in bank fees and charges for charities

More News Stories

Year 8 students to be offered HPV vaccine

Tributes paid to former Southern 100 Stalwart Jack Wood

Mayor urges business support for 'inspiring' young people

Work underway to stabilise area following landslip on Mountain Road

Be flood prepared: Free sandbags at Civic Amenity Sites

Yellow warning for coastal overtopping

Drop-in session in Jurby to give feedback on Manx health care

Appeal to near-miss crash in Port St Mary

Politician Leonard Singer passes away