The survey of financial institutions' chrges was carried out by the Bank of Jamaica
A committee of the Jamaican Parliament now has information which shows a range of charges that certain finantial institutions charge for services, and significant variations in charge between instititutions are shown, in some instances.
The report was made available to Parliament's Economic and Production Committee on Tuesday.
It was done by the Bank of Jamaica, after Fitz Jackson, MP for South St. Catherine, submitted a resolution to have the committee examine bank charges, which he said were exorbitant.
The survey, which was done to compile the information in the report, came from 96 financial institutions, including commercial banks and building societies.
It shows that, when it comes to current accounts, First Global Bank has the highest charges, with seven services seen by the BOJ as having high fees attached.
The institution with the lowest charges in that regard in Sagicor Bank Jamaica, with six services attracting low fees.
In respect of savings accounts, the Bank of Nova Scotia (BNS) features high rates for both in-bank transactions and e-banking, while First Caribbean International Bank features low rates for e-banking.
The report shows that National Commercial Bank (NCB) has high rates for credit card services while RBC Royal Bank has low credit card rates.
Building Societies were also captured in the survey and this shows that Scotia Jamaica Building Society has relatively high rates for customers with savings accounts while Victoria Mutual Building society has lower rates.
Free services
Meanwhile it was noted that several financial institutions have some services that were offered free.
First Caribbean, First Global, RBC Royal Bank and Sagicor Bank Jamaica had no charge applied to in-house lodgements.
First Global, RBC Royal Bank and Sagicor Bank Jamaica also had no charge for cashing cheques. RBC and Sagicor Bank also did not charge customers for withdrawals.
Overall, Sagicor Bank had 22 free services and First Global offered eight services without cost.
All feeds
