JN Bank launched, promising competitive rates

The Chief Executive Officer of JN Bank, Maureen Hayden-Cater, is promising competitive rates for consumers.

JN Bank was launched today as Jamaica's seventh commercial bank.

The launch coincides with renewed debate over costly bank fees.

However, according to Hayden-Cater, JN Bank does not follow a model of high profits based on fees.

Last year, Jamaica’s two largest banks, the National Commercial Bank and Scotiabank earned a combined total of $17.9 billion from fees and commissions.

The JN Bank CEO says the financial institution has a policy of low fees and increasing access to credit.

Hayden-Cater has also addressed the matter of dormant account.

She says at JN Bank an account becomes dormant after five years of inactivity adding that all dormancy fees are refunded once the account is reactivated.