NCB Suspends Dormant Fees
09 Jan 2011
The National Commercial Bank Jamaica Limited (NCB) in its commitment to satisfying the needs of its customers and being responsive to changes in the environment will with immediate effect suspend dormant charges for both local and foreign accounts customers for an initial period of two (2) years. "In response to our customers' demand to cut bank fees, we saw this area as one that would have immediate benefit for all customers," stated Audrey Tugwell Henry, Senior General Manager, Retail Banking Division. "The dormant charges will be initially suspended to allow us to conduct a comprehensive review and analysis of the operating costs associated with the management of dormant accounts with the hope of eliminating these fees all together," continued Tugwell Henry. Dormant charges are usually incurred if an account has not been accessed for a specified period, i.e. when no deposits, withdrawals or other activities have taken place during that period. The dormant fee was deemed applicable when the Bank considered the additional costs which were incurred to protect these accounts from fraudulent activity, as well as to administer them as unclaimed balances. These activities included dispatching letters to the account holders advising them of the dormant status and publishing advertisements in the daily newspapers at specified intervals. The going charge to both business and personal local account is $297.87 plus GCT which is applied in September of each year. NCB has since enhanced their measures to mitigate the risks associated with maintaining dormant accounts. These measures include using technology to provide closer and real time monitoring of activities on dormant accounts. This has reduced the operating costs associated with these types of accounts and accordingly, the decision has been taken to suspend the dormant fee. NCB remains highly competitive in the administration of its fees and charges and in keeping with the Bank's strategic objectives of remaining relevant to its customers will continue to access and offer structured packages which afford the customers' value that is of utmost importance during these times. NCB encourages its customers to utilize their convenient, low cost electronic channels to conduct some day to day transactions. Explore more ways to cut your bank fees at www.cutyourbankfees.com.
