Starting November 1, 2023, the National Commercial Bank, NCB, says there will be some adjustments to their fees.

In an email to customers, the bank says “just like you, we’re feeling the effects of rising costs in our day-to-day operations. From network and security costs, investments in fraud prevention and technology to material and equipment costs, all of these have been gradually increasing.”

It says the company has been absorbing a significant portion of these costs, to keep fees minimal.

But with the current economic climate, the bank says it needs to make a few changes to keep everything running smoothly and sustainably.

The NCB says the e-commerce set-up fee will be reduced from US$550 to US$200 and the fee to transfer to other banks will be reduced from JM$173 to JM$130.

But several other fees will be increased. Meanwhile, there will now be a JM$65 plus GCT fee to receive transfer to your account from other banks.

See the new fees: