The Jamaica Confederation of Trade Unions, JCTU is supporting the proposed regulations for banking fees now before the Parliament.
That’s according to JCTU President, Helene Davis Whyte in a statement today.
The Banking Services Amendment Act will enforce a mandatory minimum service package for customers of financial institutions.
It’s expected to address the issue of excessive fees being charged by some banks.
Mrs. Davis Whyte says the bill will provide some measure of protection against what she sees as the ‘rapacious actions of the banking sector’.
She says the JCTU is in full support of the minimum services package and the actions to be taken regarding dormant accounts.
Mrs. Davis Whyte says she rejects the notion that banking fees should be left to the determination of market forces.
She says this is especially the case in the current virtual oligopoly in which banks operate.
Mrs. Davis Whyte says she stands with the Parliament and all Jamaicans in passing this legislation.
She says she hopes the amendment act will be passed quickly and come into force in short order.