Chart Of The Week: Do You Know Your Bank Charges?

*Pan Caribbean Bank is now Sagicor Bank

This Chart of the Week, we feature a table summary of bank charges from the 2012 survey conducted by the Consumer Affairs Commission of Jamaica.

Background

On October 15, 2013 the Jamaican House of Representatives passed amendments to the Proceeds of Crime Act (POCA). The changes to the Act included a cash transaction limit of J$1 Million. The cash limit was first suggested to be J$500,000, but many House members refused to accept it citing that it would be restrictive for business persons.

The aim of this move is to increase the fight against fraudulent transactions and create more paper trails in the economy.

J$1 Million Is Enough Cash

It is of popular belief that with the imposed limit of J$1 Million, customers will be forced to utilize banking services more frequently. As such, this would automatically result in an increase in transactions that will have to be conducted utilizing the services of a bank, and therefore the banks are poised to benefit immensely from the respective charges for their services.

However, the banks have since come out to say that they view the situation with the cash limit asmore work and staffingrather than an opportunity to gain as it will cost them to equip themselves and to handle the increased cash flow.

Cash Threshold To Create Bigger Workload For Banks – JBA President

South St. Catherine Member of Parliament, Fitz Jackson, has made a resolution in the House of Representatives relating to charges imposed on customers by financial institutions. He is requesting that the Bank of Jamaica, submit a report to Parliament on the charges as at 2013. His aim is to ensure that the bank charges are not exorbitant or oppressive to customers.

Parliament to examine fees charged by banks and credit unions

It is on this basis we share with our diGgers the latest available bank charges and promise to update you when the revised list is made available. The Table above is not the full list of services that have charges associated with them. Here is the latest complete list: “comparison of bank charges april 2012“.

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