Association of Returning Residents warns NCB against increasing fees
The Jamaica Association for the Resettlement of Returning Residents is warning that it could encourage its members to close their accounts with the National Commercial Bank (NCB) if the bank goes ahead with plans to increase certain in-branch transactions.
Among the impending changes is a charge of $1,165 to query account balances over the telephone or at a branch.
The current fee is $300.
There are also to be increases in the transaction fees for holders of foreign accounts.
Association President, Percival La Touche says the move by NCB is unfair and will be burdensome for elderly, retired Jamaicans.
According to him, many retired Jamaicans use NCB to receive their pension payments from overseas.
He says these account holders are already charged fees to have their accounts credited with their pensions.
And LaTouche says any increase in fees for in-branch transactions will negatively impact the account balances of retired persons who live on fixed incomes.
LaTouche says many elderly and retired people are not technologically savvy and are fearful of being robbed when they use automatic teller machines (ATMs) and therefore prefer to visit the bank to conduct business.
He says the apparent push by financial institutions to drive customers online is serving to alienate and unfairly punish the elderly and the retired.
Association President says NCB and other financial institutions should reconsider any attempt to increase in-branch transactions.