President and Group CEO of the National Commercial Bank, NCB, Patrick Hilton says the operations of a bank is an expensive service and regulating fees charged by the banks are not the way to go.

In February, a banking fees’ bill brought to the House of Representatives by St Catherine South Member of Parliament, Fitz Jackson was rejected in a government majority vote.

Responding to a question from our Correspondent for Western Jamaica yesterday, Mr Hilton says regulating bank fees wouldn’t support competition in a free market.

[audio_mp3 url=”https://nationwideradiojm.com/wp-content/uploads/2018/03/EDIT-Patrick-Hilton-regulating-bank-fees-bad-4-free-market-March-2-2018.mp3″]

Mr Hilton argues that charging fees will drive a competitive market.

[audio_mp3 url=”https://nationwideradiojm.com/wp-content/uploads/2018/03/EDIT-Patrick-Hilton-fees-make-4-competition-March-2-2018.mp3″]

Patrick Hilton was speaking yesterday following the official grand opening of the NCB Banking & Financial Services Centre located in Fairview, St James.

Meanwhile, speaking at the same event NCB’s Chairman, Michael Lee-Chin,says people can avoid banking fees by banking online for free.

[audio_mp3 url=”https://nationwideradiojm.com/wp-content/uploads/2018/03/EDIT-Michael-Lee-Chin-back-online-March-2-2018.mp3″]

NCB is expected to introduce three new fees and the doubling of other existing fees come May 1. The bank disclosed in January it recorded a profit of $4.6-billion for the quarter ending in December 2017.

–30–