If you’ve been following the news lately, you’ll see that the issue of bank fees has once again become a topical issue. For quite some time now, financial institutions in Jamaica have implemented and/or raised fees and charges for a range of transactions. However, more often than not, the imposition of these fees and charges go unnoticed to the customer, as they are either not informed or the information is passed on so subtly that it seems insignificant until you meticulously scrutinize your statements and see just how those ‘small’ deductions add up.
Thanks to a motion in the Jamaican Parliament, the full schedule of rates and charges is now available for public scrutiny. The Interim Report from the Bank of Jamaica on “Fees and Charges of Deposit-Taking Institutions” can be viewed at www.japarliament.gov.jm and members of the public are being invited to comment on the issue being considered by the Economy and Production Committee of the House of Representatives.
In addition to providing an indepth listing of the fees charged by each of the institutions surveyed, the report also shows comparisons of rates for similar services. According to the report, First Global Bank recorded the ‘greatest incidence’ of higher bank fees among commercial banks, while Sagicor Bank had the ‘lowest incidence’ of higher bank fees. It is important to note that this parliamentary review will also look at the institutions’ compliance with the Jamaica Bankers Association Voluntary Code of Conduct which, among other things, would require each financial institution to make available a schedule of its fees for posting to the JBA’s website.
We are notorious for quarreling on social media and among ourselves, yet refusing to direct our concerns to the appropriate channel where they can be addressed. This is a prime opportunity to let our voices be heard on an issue that hits us where it hurts the most – in our pockets.
Members of the public can submit written opinions by Friday February 21, 2014 to:
Clerk to the Houses
Houses of Parliament
Gordon House
81 Duke Street
Kingston
Or email: clerk@japarliament.gov.jm