NCB makes tweaks amid outcry concerning hiked fees

 

National Commercial Bank (NCB) says it has made some adjustments in light of the public push back against its decision to increase fees for certain transactions, such as withdrawals from automated teller machines (ATMs).

 

Withdrawals at NCB machines used to be free for its customers but they are now being charged $30.95 for every withdrawal.

 

Withdrawals from non-NCB ATMs will cost the bank's customers $60.

 

NCB has not rolled back the increases, but it says other tweaks have been made. 

 

"We believe we took into account the plight of our customers and we reflected that in how we structured the fees that we revised and the ones that were reinstated. Having said that, however, we also hear the plight of the public and the response that we have had since the fees were changed, and so we've made further amendments. So, you will be able to cash cheques under $15,000 without paying a fee and we've also extended the free transaction on the point of sale machines to our quick save customers," revealed Sheree Martin, head of Retail Banking and Customer Experience at NCB.  

 

Ms Martin said the ATM withdrawal fees have been structured so that current account users will get more free withdrawals, while encouraging persons to keep their cash in their savings accounts.

 

She suggested that allowing more withdrawals would not make financial sense for the bank. 

 

"Based on the usage and the average size of ATM transactions that we see from our database, giving four per month would have the majority of our customers not paying any fees at all," she insisted while speaking Wednesday on Radio Jamaica's Beyond the Headlines.

 

Prime Minister Andrew Holness has also spoken out against the increases, asserting that financial institutions must be cognizant of the difficulties that citizens face, especially since the pandemic.

 

The Prime Minister said while Jamaica is trying to transition out of the health crisis and the related measures, banks should be aware that Jamaicans are experiencing significant financial difficulties.