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National Commercial Bank- NCB To Reimburse Dormant Fees

National Commercial Bank- NCB To Reimburse Dormant Fees

Jamaica (McKoy’s News)- National Commercial Bank- NCB To Reimburse Dormant Fees: National Commercial Bank, the NCB is to reimburse fees charged for dormant accounts.

A circular released by the bank states that the fees will be reimbursed when an account is reactivated or closed.  It says in cases where minimum balance fees are also generated to an account as a result of the dormant charges, the figure should be included in the amount being refunded.

NCB in March suspended charges applied to dormant accounts.  A charge of $450 plus GCT was previously applied to business and personal accounts classified as dormant.

Accounts are classified as dormant if there is no customer activity for two years for saving accounts and one year for current accounts.

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In a related matter, Fitz Jackson, Member of Parliament for St Catherine Southern and Chairman of the People’s National party, who has been leading the fight against bank fees, has raised concern about the lack of assistance he has received from the Government in re-drafting his private members’ bill which proposes to amend the Banking Services Act.

Mr Jackson withdrew the Bill from the House of Representatives earlier this year to make adjustments.  He promised that it would be reintroduced.  However speaking at this week’s Parliament’s Public Administration and Appropriations Committee, Mr Jackson said he has been forced to seek help from a private Attorney as the Attorney General’s Department and the Chief Parliamentary Counsel have been given him “the run-around.”


Contributed by Dr Colin O Jarrett

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