MP Mulling Over Court Challenge to Banking Fees for ‘Dormant Accounts’

Member of Parliament for South St Catherine, Fitz Jackson, is considering mounting a legal challenge to the practice of banks charging customers for so-called dormant accounts.

He’s continuing his challenge to the banking sector status quo, saying this practice is ‘illegal’ and ‘immoral’.

His declaration comes after the country’s largest commercial bank, NCB, yesterday said it’s suspending indefinitely charges applied to dormant local and foreign currency accounts, effective immediately.

The South St. Catherine MP is upping the ante in his fight against ‘exorbitant’ bank fees.

Speaking last evening on Nationwide @5, he revealed he’s considering whether to challenge in court the fees banks charge on dormant accounts.

The Opposition MP says it’ not only immoral for banks to charge fees for so-called dormant accounts. But also, illegal.

He’s happy about NCB’s decision to stop charging customers for ‘dormant accounts’. He says it’s a victory for the people.

But he says the fight can’t stop there.

He says it’s all the more reason Parliament must pass the proposed amendments to the Banking Services Act which would guarantee that banks offer their customers certain minimum service standards.

And, Mr. Jackson is emphasizing that he’s not in this fight because of what he describes as ‘hypothetical’ reasons.

He says he knows people who’ve suffered and has personal experience.

Mr. Jackson says he also believes customers should be compensated.

Meanwhile, former banker and Chief Technical Advisor to the Finance Minister, Aubyn Hill, doesn’t agree that it’s illegal for banks to charge fees for dormant accounts.

In the meantime, Mr. Hill believes Finance Minister, Audley Shaw’s recent comments about the fees banks charge on dormant accounts influenced NCB’s decision to stop charging such fees.

Opening the budget debate last Thursday, Minister Shaw, said the government will take action to define dormant accounts and protect customers.