National Commercial Bank, NCB, is introducing three new banking fees and doubling one of their existing fees.
The announcement comes only two weeks after the government used its majority in the House of Representatives to vote down South Saint Catherine MP Fitz Jackson’s controversial banking fees bill to force banks to charge fewer and lower fees.
In an e-mail sent to some NCB customers this week, the bank advised that effective May 1, it’s doubling its fee for foreign drafts, from $750 to $1,500.
It’s also imposing three new fees – one as high as $5,000. The $5,000 fee will be charged to business customers who cancel an electronic file.
NCB says where a customer submits an e-Link or Automatic Clearing House, ACH, for processing, but later asks the bank to cancel it, they will be charged $5,000.
E-link refers to NCB’s business online banking platform, while ACH credit transfers include direct deposit, payroll and vendor payments.
Regular customers will be hit with a new 700-dollar fee to cancel an online payment, including e-link, ACH, and RTGS transactions. An RTGS transaction is when you transfer funds from one bank to another.
There’s also a new fee of $1,251.06 if you ask the bank to investigate and give details on a transaction that was processed more than six months ago. All these new fees will also be taxed. In addition to the fee, you’ll have to pay 16.5 in General Consumption Tax, GCT.
In January, NCB recorded a 28-percent increase in profit for the quarter ending December, raking in net profit of $4.6-billion. This followed a record-breaking September quarter when it reported a 32-percent increase in net profits over the previous year.