NCB Suspends Dormant Charges
National Commercial Bank Jamaica Limited (NCB) remains committed to a high quality of service delivery for optimal customer satisfaction and experience. As part of our periodic and annual reviews of the delivery of our products and services, we have reviewed the matter of dormant fees. Effective immediately NCB will suspend charges applied to local and foreign currency accounts arising from them being classified as dormant.
“We are suspending these dormant charges indefinitely. While they are suspended, we will review our current processes and determine how we can best address the real costs associated with effectively maintaining and monitoring these accounts,” said Audrey Tugwell Henry, Senior General Manager, Retail Banking. “We will, in the meantime, seek to identify solutions that meet our customers' needs and our performance standards, while remaining compliant with all regulatory requirements associated with maintaining the accounts,” she further explained.
An annual charge of $450.00 plus GCT was previously applied to both business and personal accounts classified as dormant. Accounts are classified as dormant if there is no customer induced activity on the account for a period of 2 years for saving accounts and a period of 1 year for current accounts. Under the Banking Services Act, deposit taking institutions such as NCB are required to report to the Bank of Jamaica deposits treated as unclaimed, due to the absence of a transaction or request for a statement, for 7 years. After a further 8 years (totaling therefore 15 years), the Act provides for the Minister of Finance to publish information on the unclaimed funds, to begin a procedure under which the unclaimed amounts are paid over to the Government of Jamaica.
NCB is committed to adding value for its stakeholders and continues to extensively invest in technology and innovation, in order to enhance the level of service delivery offered to reach the levels our customers have now come to expect.