First Global Bank discontinues fees for dormant accounts
First Global Bank has now discontinued the charging of fees for dormant accounts.
Dormant charges are triggered when an account has not been accessed for a period of two years.
First Global says the fee was charged to cover fraud protection and administrative costs, but advances in technology have now minimised the cost of administering these accounts.
Already, the National Commercial Bank and CIBC First Caribbean have discontinued the dormant account fees following pressure from MP Fitz Jackson and consumers.
"First Global is in the final stages of its annual fee review and will be seeking wherever feasible through technology and other system innovations to reduce as many fees as possible", says Mariame McIntosh Robinson, CEO of First Global Bank.
In the meantime, the bank says it will continue to provide services that can be accessed via its online banking, mobile app or other electronic channels for lower or no fees.
She says the new fee schedule will be published to the bank’s website on April 1 and customers will be notified by email.