You have a choice!
That’s the advice this afternoon from the President of the Jamaica Bankers Association, Nigel Holness, to customers in the wake of the near 1000-percent increase in the fee charged by Scotia Bank for non customers to cash a cheque on its bank.
Mr. Holness says despite Scotiabank’s increased fee, customers can choose which bank they wish to conduct business.
Mr. Holness was asked whether he considered the almost $1,400 fee excessive.
However Mr. Holness says when taking a decision to increase fees all banks must ensure they’ve given adequate notice of the change to customers.
He says based on the Mandatory Code of Conduct under the Banking Service Act, customers should be notified 45 days before the increase take effect.
And, the Acting Director of Public Relations at the Bank of Jamaica, Tony Morrison, says work has begun at the Central Bank to have a wider range of consumer protection initiatives.
He says there’ll be a specific focus on banks.
Meanwhile, Mr. Morrison says bank customers can choose where they do business. He says if they’re experiencing what they think is bad service they can do business elsewhere.
Meanwhile, Chief Executive Officer of the Consumer Affairs Commission, Dolsie Allen, says the CAC has conducted a survey on bank charges.
She says the survey included a record of all the major fees and charges at the major banks.
She says the CAC is now in the process of analysing the findings.
Ms. Allen says once the analysis has been completed, the CAC will be giving a formal response on the issue of high bank fees.