MP Calls for Laws to Regulate Banking Fees

One legislator is this afternoon suggesting that there’s a need for laws stipulating the level of fees commercial banks can charge customers.

The call has come from the Member of Parliament for North West Manchester Mikael Phillips.

Mr. Phillips is also a member of Parliament’s Economy and Production Committee as well as the sub-committee set up in 2014 to conduct a review of banking fees.

His suggestion comes in the wake of a near 1000-percent increase in the fee charged by Scotia Bank for non-customers to cash a cheque on the bank.

The fee has moved from $140 to $1,385.

Phillips says while financial institutions are accountable to the Bank of Jamaica, BOJ, regulations stipulating how much they may charge in fees would have to brought by the Finance Minister.

Phillips says the report prepared by the parliamentary sub committee recommended that banks do more to inform customers of increases in fees.

He says the report is to be debated in the Parliament early next year.

The MP is encouraging affected bank customers to use the complaints agencies available to voice their dissatisfaction.

Mr. Phillips is also blaming a lack of competition among banks for some of the challenges being faced by customers.