President and CEO of Scotia Group Jamaica Limited, David Noel, is admitting that his bank needs to be more transparent with its fees.
Noel’s comments follow an incident in which an elderly BNS customer was allegedly asked to pay over four hundred dollars in fees to lodge $40,000 in another BNS customer’s account.
However, Mr. Noel says the contentious banking fees applied to its customers aren’t new.
The Scotiabank executive says banking fees are not unique to Jamaica.
He says the costs attached to in-branch transactions are higher than transactions done electronically.
So what of the elderly and those resistant to using the technology?
While Mr Noel accepts that not everyone will utilize the available technology, he says e-banking is the way forward.
David Noel, President and CEO of Scotia Group Jamaica Limited.
He was speaking last evening on Nationwide@ 5 with Cliff Hughes and Kemesha Swaby.
Meanwhile, MP for South St Catherine, the PNP’s Fitz Jackson, who’s been championing the cause for the removal of certain banking fees, says the buck stops with the nation’s Parliament.
Mr Jackson also expressed dissatisfaction with the Scotiabank boss’ attempt to explain the reason for the fees it charges its customers.
The South St Catherine MP says the banks are getting what he described as a ‘free ride’.
Fitz Jackson, South St Catherine MP, speaking last evening on Nationwide @ 5 with Cliff Hughes and Kemesha Swaby.