Thu | Jun 24, 2021

JBA’s failure to sign code of conduct frustrates consumer watchdog

Published:Tuesday | May 28, 2013 | 1:04 PM

Jovan Johnson, Gleaner Writer

The Consumer Affairs Commission (CAC), says it’s frustrated that the Jamaica Bankers’ Association (JBA) is refusing to sign on to a voluntary banking code to formally establish minimum service standards.

The CAC’s chief executive officer, Dolsie Allen, says the two parties last met in January after starting negotiations in October last year.

She says the code speaks to 11 points which include simplifying the process of opening accounts and publishing all fees for transactions, including at Automated Teller Machines (ATMs).

She explains that at the last meeting the JBA had expressed concerns about the non-discriminatory access clause of the code and the requirement that service charges be noted on ATM monitors before a consumer can complete a transaction.

She says the code also includes the use of a cooling off period whereby potential consumers are given three days to go through contracts before signing.

Allen notes that at least three local banks have international parent companies which adhere to stricter codes.

The voluntary code is the result of a project with the Inter-American Development Bank and involved Jamaica, Barbados and Trinidad and Tobago.


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