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Sagicor Bank has lowest banking fees – BOJ report

Published:Tuesday | January 14, 2014 | 5:31 PM

Edmond Campbell, Senior Gleaner Writer

KINGSTON, Jamaica:

Sagicor Bank Jamaica has recorded the greatest incidence of lowest fees in the commercial bank sub-sector while First Global Bank had the greatest incidence of highest fees as set out in an interim survey on bank fees done by the central bank.

The Bank of Jamaica (BOJ) carried out its study from a selected sample of 55 service areas.

Of this number Sagicor Bank Jamaica offered the lowest fees in 24 areas while First Global charged the highest fees in 14 areas.

Under current account, the BoJ surveyed 18 items and found First Global with the 'most highest charges' for seven items while Sagicor Bank had the 'most lowest charges' for six.

Eight items were surveyed for savings account with Bank of Nova Scotia showing the highest charges for four items while Sagicor had the lowest charges for all.

South St Catherine Member of Parliament Fitz Jackson in a private member's motion in November 2013 complained about the exorbitant bank fees that were placing increased burden on Jamaicans who conducted business with the banks.

He called for the Bank of Jamaica to conduct a study on fees and charges of deposit-taking institutions and that the report be submitted to the Economy and Production Committee of Parliament.

Today, an interim report was sent by the BOJ to the committee.

Turning to building societies and institutions licensed under the Financial Institutions Act, Victioria Mutual Building Society recorded the highest incidence of lowest fees while Scotia Jamaica Building Society had a greater incidence of highest fees in the market than the other two building societies.


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