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Parliament to examine fees charged by banks and credit unions

Fees charged by banks and credit unions could soon come under the scrutiny of Parliament.
Fitz Jackson, Member of Parliament (MP) for South St. Catherine, on Tuesday brought a resolution for debate in the House of Representatives relating to charges imposed on customers of financial institutions.
Mr. Jackson, in the resolution, outlined that he wants the Bank of Jamaica to submit a report to Parliament on the charges being levied. He is also seeking measures to ensure that banking fees are not exorbitant or oppressive to customers.

“Be it resolved that this honourable House require the Bank of Jamaica to submit to the

Economy and Production Committee of Parliament a report on the charges being levelled by the banks and credit unions as at October 31, 2013, within 60 days or any time sooner. Be it further resolved that the Economy and Production Committee of Parliament commence within 45 days an evaluation of the said report and submit recommendations to the House,” said Mr. Jackson.

The country's two leading commercial banks recently announced new fees for carrying out certain transactions.       



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