Tue | Nov 19, 2019

NCB delays fee increase

Published:Tuesday | March 6, 2018 | 12:39 AM

Customers of National Commercial Bank (NCB) are to get a reprieve, at least for now, from announced increases in fees, which were set to take effect on May 1 this year.

But, the bank says it will not implement the fee increase in May.

“We take this opportunity to educate the public regarding the basis for the fee increases for complete transparency and to reinforce our commitment to providing affordable, convenient and safe banking options for all customers,” the bank said in a statement yesterday.

Explaining the basis for the announced fee hike, NCB says the foreign draft fee increase was a result of a 100 per cent increase in the fee the United States correspondent bank charges to process these transactions.

NCB had also announced fees that impacted non-personal accounts and are triggered where transactions are initiated by the customer and processed by NCB, but later cancelled or reversed by the customer after realising an error was made.

Lawmakers recently debated and rejected the Banking Services Bill piloted by St Catherine South Member of Parliament Fitz Jackson. Government members used their superior numbers to reject the bill after a spirited debate in the Lower House.

Jackson has been decrying the imposition of bank fees on customers and has pledged to re-table the bill in the new parliamentary year.