Scotia bank has now reduced the cost for encashing cheques to a standard fee of $385.
In a statement just moments ago, Scotia says this is based on feedback received through its branch network over the past few weeks.
The bank says it continues to encourage customers to take advantage of its convenient alternate channels most of which are available at lower cost than in-branch fees.
Commerce Minister, Karl Samuda, is welcoming the announcement by Scotia Bank to drastically reduce a previous fee increase for non-customers to cash Scotia cheques.
Speaking on Nationwide News @ 5 last evening, the Minister said the bank realized how preposterous the increase was.
Previously Scotia Bank announced that its its 1-hundred-and-40 dollar fee to encash cheques would be increased to $1,385.
That’s an almost 1000-percent increase.
However in a statement last night Scotia said, starting today it will charge a standard fee of $385 to encash all cheques.
That’s still a 175-percent increase over the original fee and remains the highest rate in the market.
Minister Samuda says he’ll be publishing the fee’s charged by all banks in local news papers to better inform customers.
The Minister contends that banking fees are adversely affecting competitiveness of small businesses.
Meanwhile, President of the Jamaica Manufacturers’ Association, JMA, Metry Seaga, wants new regulations regarding bank fees to ensure the competitiveness of Jamaican businesses.
However Member of Parliament for North West Manchester Mikael Phillips is lamenting the difficulty of customers to change banks as a major barrier to competition.