Fitz Jackson Alarmed at Newly Announced Banking Fees

Chairman of the People’s National Party and Member of Parliament for South St. Catherine, Fitz Jackson, says he’s alarmed at recently announced increases in fees and charges by at least one of the nation’s leading financial institutions.

He was reacting to news that National Commercial Bank, NCB, has increased some of its banking fees and implemented new ones.

In a statement issued over the weekend, he says the announcement has come weeks after his Bill to Amend the Banking Services Act was defeated in Parliament. He says NCB, which serves the lion’s share of local depositors, has notified its customers of an increase in the fee for foreign drafts and new charges to be applied to a number of electronic transactions.

These will become effective May 1, 2018.

Mr. Jackson says this move makes it clear to all Jamaicans that the existing provisions of the Banking Services Act and the code of conduct promulgated by the Bank of Jamaica do not offer enough protection to banking customers. He says Prime Minister Andrew Holness and his government must now take full responsibility for what has now befallen customers so quickly after the vote. He says the vote against the Bank fees bill has emboldened some banks to do whatever they want with customers.

Mr. Jackson says these increases will add hundreds of millions to the over $50-billion in fees already being demanded by banks.