JACKSON LAMENTS NEWS OF RISING BANK FEES

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Kingston, Jamaica, March 2, 2018: People's National Party chairman and Member of Parliament for St. Catherine South Fitz Jackson is alarmed at recently announced increases in fees and charges by at least one of the nation's leading financial institutions. This announcement has come weeks after the Bill to Amend the Banking Services Act was defeated in Parliament.

The National Commercial Bank, which serves the lion's share of local depositors, has notified its customers of an increase in the fee for foreign drafts and new charges to be applied to a number of electronic transactions. These will become effective May 1, 2018.

Mr. Jackson notes that this move by NCB makes it clear to all Jamaicans that the existing provisions of the Banking Services Act and the code of conduct promulgated by the Bank of Jamaica do not offer even a scintilla of protection to banking customers.

“Prime Minister Andrew Holness and his government must now take full responsibility for what has now befallen customers so quickly after the vote. These increases will add hundreds of million to the over $50b in fees already being demanded by banks.” Mr. Jackson said.

“The vote against the Bank fees bill has emboldened some banks to do whatever they want with customers. If the Parliament signals an unwillingness to protect the people, then we who have been elected to serve would have failed this nation.”

Mr Jackson is calling on all well-thinking Jamaicans to join the fight against financial abuse.

“For too long we have allowed those in powerful positions to take advantage of hard working Jamaicans.”

Mr. Jackson says he will ensure that the Bill is retabled in Parliament and he will not rest until the rights of depositors are secured