NCB to increase bank fees Loop Jamaica

The content originally appeared on: Jamaica News Loop News

National Commercial Bank, NCB is increasing the fees on six banking services.

The cost to process a manager’s cheque purchased via NCB account will move from $321.89 to $386.27 and the fee to replace of Visa debit card (including pin changes) will move from $739.13 to $1350. A cheque recalled at the customer’s request will also attract a new fee of $850 up from $700, while the transfer of funds to another bank – ACH online will cost customers $20.00 compared to the current $10.87.

NCB will also increase fees on account printouts for personal and SME sole traders, up from $434.78 to $520. Customers receiving funds from other banks using the RTGS transfer option will pay a new fee of $65. Currently, the bank does not charge for this service. The new fee structure does not include GCT.

“Just like you, we’re feeling the effects of rising costs in our day-to-day operations. From network and security costs, investments in fraud prevention and technology to material and equipment costs, all of these have been gradually increasing,” NCB said in the advisory sent via email.

It added that it had “no choice but to increase fees and to introduce a new fee” to keep up with rising costs.

The bank said that it has been absorbing a significant portion of these costs to keep fees to customers minimal; however, due to the current economic climate, it needed to make a few changes to keep things running smoothly and sustainably.

“The good news is that not all of our fees are being increased – we also have several fee reductions”, NCB said.

Two of its services: e-commerce set-up, as well as the transferring of funds to other banks – RTGS, excluding transfers done by commercial and corporate clients, will attract lower fees. E-commerce set-up fees will move from US$550 to US$200 while the transferring of funds to other banks -using the RTGS option will move down from $173 plus GCT per transfer to $130 plus GCT.