PSOJ Concerned about Proposed Regulations for Banking Fees

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The Private Sector Organization of Jamaica, PSOJ, says it’s concerned about the new regulations being proposed to govern banking fees.

The proposals include giving all customers at least 120 free transactions each year.

There’s also a proposal to bar banks from charging to cash cheques.

However, in a statement today, the PSOJ says the proposed changes to the law are a retrograde step.

CEO of the PSOJ, Dennis Chung, says it will put the power to set fees in the hands of Parliament.

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Mr. Chung says the PSOJ is aware of the public outcry against the high cost of banking services in Jamaica.

However, he says the attempt to legislate controls will remove banks’ competitive edge.

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The Jamaica Bankers’ Association, as well as all the commercial banks in Jamaica, are members of the PSOJ.

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