First Heritage Credit Union scraps dormant account fees
First Heritage Cooperative Credit Union (FHC) has announced it will stop withdrawing fees from the accounts of customers with dormant accounts.
Last month, the National Commercial Bank, First Global Bank, Scotiabank Jamaica and First Caribbean International Bank announced they would suspend collecting fees on dormant accounts with immediate effect.
Chief Executive Officer of FHC, Roxann Linton, says the policy took effect on April 1.
She says FHC is now focusing on engaging with customers to ensure their accounts do not go dormant.
Depositing-taking institutions have been under increased public pressure to review their fees.
IN PHOTO: Fitz Jackson
Member of Parliament for St Catherine South, Fitz Jackson, has threatened to go to court to compel banks to compensate customers they have been charging dormancy fees.
He says by charging fees on dormant accounts the banks violated responsibilities stipulated in the Banking Services Act.