House Speaker Sir Gerald Osbert Frederick launched a scathing critique of ACB Caribbean during a parliamentary session on Monday, denouncing the bank’s policy of charging a 2% fee on withdrawals of EC$5,000 or more as “white collar crime.”

Frederick, visibly emotional during his contribution, condemned the practice as exploitative, especially given the historical and cultural significance of the Antigua Commercial Bank (ACB) to the nation’s people.

“One particular bank—if you want to make a withdrawal of $5,000—they charge you 2%,” the Speaker said, before explicitly naming the institution. “And I’m going to call them out: it is the Antigua Commercial Bank.”

He continued, “Why it hurts me, Mr Prime Minister, Member of this Honourable House—it’s our bank. It is my grandparents, my parents, yours that built that. But now that they’re large and in charge… they charge you 2%.”

Frederick said the policy penalises depositors for accessing their own money, particularly when urgent financial obligations arise.

“For whatever reason—your house insurance becomes due, or your car insurance and license—and you want to make a withdrawal of $5,000 or more, they charge you 2%,” he explained. “If that is not white collar crime, I don’t know what is.”

The Speaker’s remarks drew murmurs of agreement in the chamber, though no representative of ACB Caribbean was present to respond.

His comments are likely to reignite public scrutiny over commercial banking practices in Antigua and Barbuda, especially amid growing frustration over fees, service charges, and access limitations.

As of publication, ACB Caribbean has not issued a public statement addressing the concerns raised in Parliament.