Disrespectful!
MP angry banks still increasing fees amid parliamentary debate
FITZ JACKSON, the parliamentarian who has tabled legislation to regulate how banks charge fees, has accused some of the institutions of disrespecting Parliament by increasing fees before lawmakers finish their deliberations.
“The increases reinforce the claim I made in the Parliament, at the opening of the debate on the bill, of the contempt that they (banks) have for both the Parliament and the concerns of the depositors,” said the St Catherine Southern representative, who claimed that the National Commercial Bank (NCB) increased fees last month.
In a statement to The Gleaner yesterday, NCB confirmed the increase in several of its service charges which took effect on February 20.
The Victoria Mutual Building Society announced on February 2 that new fees for a variety of services will take effect on March 20.
The MP said it was never expected that any deposit-taking institution would raise fees after the debate started in January, as “in normal cases of dispute, any further action is stayed”.
‘GO TO HELL’
“They (banks) have said, ‘Go to hell with you all, we’re going to continue to increase as much as we want to increase’; that is the contemptuousness,” Jackson said, as he challenged his fellow lawmakers on whether “they are going to submit to such arrogance” or “are they going to stand on the side of fulfilling their duty of protecting the depositors?”
On Monday, after mounting pressure, Scotiabank Jamaica instructed branches to discontinue charging a fee of $385 for exchanging $5,000 notes for smaller denominations.
Deputy Chief Executive Officer of Scotiabank Jamaica David Noel said the fee was never designed for retail customers. The fee charge will now only apply to persons who want to exchange $20,000 or more.