CIBC Suspends Dormant Account Charges Immediately

Another commercial bank is suspending dormant account charges effective immediately.

CIBC FirstCaribbean International Bank made the announced this morning in a statement to the media.

It says the suspension of the fees associated with all classes of dormant account is pending a review of the process of handling such accounts.

Its Managing Director , Nigel Holness says the bank will review the costs associated with the management and security of dormant accounts and how best they are addressed.

And responding to the announcement, the Member of Parliament for South St. Catherine who’s been leading the fight against exorbitant banking fees, says he’s happy with the move.

Fitz Jackson says all banks should terminate dormant account fee and refund affected customers.

Mr. Jackson is maintaining that the fees associated with dormant accounts are illegal.

CIBC’s announcement comes a week after the National Commercial Bank, NCB, suspended charges applied to dormant local and foreign currency accounts.

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