Scotiabank rolls back $385 fee to exchange $5,000 bill for smaller notes
Scotiabank Jamaica has taken steps to remove a bank charge for exchanging a $5,000 note for smaller denominations saying it was being incorrectly applied to some customers.
The bank says the charge will now only apply to persons who want to exchange $20,000 or more.
The bank says instructions have been given to all branches to discontinue the charge.
Deputy Chief Executive Officer of Scotiabank Jamaica, David Noel told The Gleaner today that the charge was never designed for retail customers.
Customers of the bank recently complained about paying a fee of $385 for exchanging $5,000 notes for smaller denominations.
Noel explained that there was a charge for cash-for-cash exchanges which could include the changing of a $5,000 note.
But he said the charge was intended for business people who are doing larger cash-for-cash transactions.
"We did not intend it to apply to the smaller customers but to avoid any further confusion we have made it very clear to our branch network that that fee will not apply," he said.
"When we roll things out or try things we do listen to feedback from our customers and we don’t always get it right and when we don’t, we try and make the adjustments that are fair and reasonable as quickly as possible," the deputy CEO noted.
In December the bank also rolled back the cost to encash cheques drawn on other banks.
A letter writer had complained to The Gleaner that the charge had moved from $140 to $1,358.
However, Scotiabank revised the charge and applied a standard fee of $385 for all cheque encashments.
The bank said based on feedback received through its branch network it had revised the charges.