Patrick Hylton
Patrick Hylton, the CEO of the NCB Group, has sought to dismiss talks, that the recently imposed J$1 million limit on cash transactions, is designed to help banks make more money from deposits placed in their vaults.
Hylton said banks cannot recover the cost of handling the cash from the fees to be charged.
“People need to understand that cash is expensive , it is expensive to handle, we have to insure it, we have to store it, we have to transport it and we get no benefit of having the cash until it is actually deposited in our account”
He said the cost is higher if the money is transferred to a foreign bank.
The NCB executive was responding to questions about a move by Parliament, asking banks to justify the fees and charges implemented on consumers for various transactions.
“Those are not things that we are desirous of doing, so as to collect the charges. Those are things that we are saying that in a context of reform of the payment system, we would be happy participants in moving our economy and the way in which we do business in the financial services sector in that direction.”
Hylton was speaking at NCB’s investor briefing on Friday.
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