President and Group CEO of the National Commercial Bank, NCB, Patrick Hilton says the operations of a bank is an expensive service and regulating fees charged by the banks are not the way to go.
In February, a banking fees’ bill brought to the House of Representatives by St Catherine South Member of Parliament, Fitz Jackson was rejected in a government majority vote.
Responding to a question from our Correspondent for Western Jamaica yesterday, Mr Hilton says regulating bank fees wouldn’t support competition in a free market.
Mr Hilton argues that charging fees will drive a competitive market.
Patrick Hilton was speaking yesterday following the official grand opening of the NCB Banking & Financial Services Centre located in Fairview, St James.
Meanwhile, speaking at the same event NCB’s Chairman, Michael Lee-Chin,says people can avoid banking fees by banking online for free.
NCB is expected to introduce three new fees and the doubling of other existing fees come May 1. The bank disclosed in January it recorded a profit of $4.6-billion for the quarter ending in December 2017.