Preposterous! Samuda shocked at Scotiabank fee hike to encash cheques
The Commerce Minister Karl Samuda has described as preposterous the decision of Scotiabank Jamaica to increase by more than 1000 per cent the fee to encash cheques drawn on other banks.
Last week a letter writer to The Gleaner complained that the charges have moved from $140 to $1,358.
Samuda says the Government will be seeking to improve the way it presents information on bank charges to help customers
He says this increase in the cost to encash cheques at Scotiabank is unexplainable.
According to Samuda the bank seems to be ignoring the impact that these charges will have on small businesses.