Holness urges banks not to increase fees at this time

 

Prime Minister Andrew Holness has cautioned the banking sector against increasing service fees amid public outcry following the announcement by the National Commercial Bank (NCB) and Scotiabank that they will hike fees. 

 

Speaking Tuesday evening at the opening ceremony of the Jamaica Stock Exchange 17th Regional Investments and Capital Markets Conference, the Prime Minister asserted 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.  

 

He told business leaders who were present that it would be morally wrong to increase banking fees and other charges at this time, given that the society is still reeling from the economic fallout from the pandemic. 

 

"Persons whose income disappeared or was significantly reduced still have mortgages piling up on them, still have credit card bills that they didn't or were not able to pay. Children are now going back to school, so fees are now coming back in, bus fares and lunch money have to be paid; and then they have to now hear about increases in bank fees. I repeat, this great potential economy that we have exists in a social context and the leaders of the economy must pay close attention to the social context," he proclaimed.