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Scotiabank Jamaica Removes J$385 Fee to Break-Up a $5,000 Bill

Scotiabank Jamaica Removes J$385 Fee to Break-Up a $5,000 Bill


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Kingston Jamaica (McN) – Last Week Mckoys News reported that Scotiabank, Jamaica imposed a $385 fee to on its’ customers to break of a $5, 000.00 bill into smaller noted.

Scotiabank has now withdrawn the requirement for customers to pay a $385 fee to change $5, 000.00 note into smaller bills.

Deputy Chief Executive Officer of Scotiabank Jamaica, David Noel on Monday stated that the charge was never designed for retail customers.

Noel stated that the $385 charge was intended for business people who are doing larger cash transactions.

“We did not intend it to apply to the smaller customers but to avoid any further confusion we have made it very clear to our branch network that that fee will not apply,” stated Deputy Chief Executive Officer of Scotiabank Jamaica, David Noel,

“When we roll things out or try things we do listen to feedback from our customers and we don’t always get it right and when we don’t, we try and make the adjustments that are fair and reasonable as quickly as possible,” he said.

Reportedly, the $385 charge will only apply only to persons who want to exchange $20,000 or more.


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