作者： admin

For countless consumers across Belize, running into arbitrary minimum purchase requirements or unexpected surcharges when paying with a credit or debit card has long been a persistent source of frustration. Now, the country’s top financial regulator is stepping up its long-running campaign to stamp out these controversial industry practices, framing them as harmful to consumers and counter to national goals for broader financial inclusion.

Kareem Michael, Governor of the Central Bank of Belize, explained that the issue has plagued shoppers for years, and he has even encountered the unfair practices firsthand during his own regular transactions. In one recent example, Michael shared that he attempted to purchase roughly $9 worth of goods at a local grocery store, only to be turned away when he tried to pay with his debit card because the store enforced a $15 minimum card purchase requirement, forcing him to pay with cash. When he returned to the same outlet for another sub-$15 purchase later, the store had adjusted its policy — but not to the benefit of customers: it instead added a mandatory $1 surcharge for processing debit card payments for small transactions.

Many merchants that impose these rules argue that minimum purchase thresholds and surcharges are necessary to offset the transaction processing fees they are required to pay to financial institutions. But regulators push back that these practices are fundamentally unfair to consumers and directly contradict the core mission of Belize’s financial system.

The Central Bank is now collaborating closely with the Belize Bankers Association and local credit unions to develop a permanent solution to the problem. Michael noted that discussions between stakeholders have been productive, with proposals ranging from strict outright bans on the practices to more nuanced frameworks designed to balance the needs of both merchants and consumers. The regulator is aiming to finalize a resolution in the near future.

Michael emphasized that the campaign against these unfair card practices is not an attempt to push Belize toward a fully cashless economy. Instead, it centers on protecting the most vulnerable members of society, who are disproportionately harmed by policies that disincentivize card use. When merchants impose extra costs or barriers to card payments, they push many people away from participating in the formal financial sector entirely, undermining years of work to expand access to affordable financial services across the country. Ending these abusive practices, Michael said, is a top priority for the regulator and its industry partners.

Scheduled publication date: April 21, 2026

A quiet but significant shift in retail banking policy has left thousands of customers across Belize grappling with unexpected new costs, as the nation’s two largest commercial lenders—Belize Bank and Atlantic Bank—have restructured their basic savings account offerings into new “Full Access” and “Essential” tiers that bear a striking resemblance to traditional checking accounts.

While the reclassification comes with one key customer benefit: looser withdrawal limits and more flexible ATM access, the trade-off has proven far more impactful for ordinary account holders. Under the new terms, all restructured savings accounts no longer generate any interest earnings, and new monthly maintenance fees and per-transaction charges are now applied to regular account activity.

For the large share of Belizean households that live paycheque to paycheque, these incremental fees add up quickly at a time when the country is already facing rising cost of living. The banks have defended the change, arguing that it aligns account structures with how the majority of customers actually use their savings accounts day-to-day. But many consumers have pushed back against the framing, questioning whether “full access” is nothing more than a rebranding for increased revenue for the banks.

When pressed for comment on the policy shift, Central Bank of Belize Governor Kareem Michael emphasized that the country’s top banking regulator played no role in approving or mandating the changes. “First thing I have to correct is that the Central Bank was not involved in that decision. There was no approval sought for Atlantic Bank or any other bank to have done that,” Michael stated in a press briefing.

He went on to clarify the scope of the Central Bank’s regulatory authority over commercial banking in Belize, noting that the regulator only has power to set caps and floors for lending rates and minimum floors for savings deposit interest rates. Roughly 18 to 24 months ago, the Central Bank launched a collaborative review of fee-based income practices at Belize’s commercial banks, a process that took months of negotiation to reach a compromise that satisfied both regulators and financial institutions. Michael acknowledged, however, that public frustration over growing bank fees has mounted amid broader inflation, pointing out that consumers are now facing the double blow of lost interest earnings on savings alongside rising everyday expenses.

Michael also confirmed that the move is not limited to one smaller institution, noting that the decision by Belize’s two largest banking players to restructure their accounts reveals key dynamics of the country’s domestic banking market. “Those two are the biggest banks,” he added, underscoring the widespread impact of the policy change across the nation’s consumer banking sector.

As it stands, no regulatory reversal of the changes is currently on the table, leaving customers to adjust to a new normal where their savings generate no passive income, and regular account activity comes with recurring out-of-pocket costs.