New ABM standards welcomed
not included in the ABM performance report.
The Market Conduct & Consumer Protection Thematic Working Group, which consists of the BOJ and Financial Services Commission (FSC), were involved in setting the minimum ABM standards.
“CIBC Caribbean (FCIBJ) along with the other DTIS have been in consultation with the Bank of Jamaica Governor and his team over the past few months. This collaboration was necessary in order to develop the basic framework for the ‘Standards’ that were recently released. We do not have an issue with the guidelines, as we believe in ensuring the public [our clients] get the best in class standard of service via whatever channel they choose to conduct their financial transactions,” said Nigel Holness, managing director of Firstcaribbean International Bank (Jamaica) Limited.
Holness added, “We have seen a significant increase in transactions conducted via our ABM network, and have embarked on a strategy to ensure our machines are well maintained, remain best in class to deliver quality service and reliability/convenience and are located in strategic areas that best suit our client needs. We invested heavily in new ABMS in 2023, both in terms of replacement of machines that are at the end of cycle, as well as increasing the fleet predominantly in branches. Our strategy remains the same for 2024 and beyond, and we have for this calendar year a total of 17 ABMS being replaced/ upgraded, plus an additional seven new machines, some of which are already being outfitted to be available to our clients.”
While many persons welcome the standards, different users on X, formerly Twitter, questioned the measurement of the BOJ’S standards for uptime versus their experiences in the public domain. Some users noted having to drive all over a city seeking a working ABM at various times during the month. This led to Deandrew Moore creating the Atmfinderja mobile application in order for users to crowdsource information on working ABMS.
“Having reviewed the standards developed by the BOJ, further to the motion that has been tabled in Parliament and was approved, it represents a reasonable first cut and I want to commend the BOJ for responding within the time frame that they have to have promulgated these sets of standards that will indeed provide
some protection to ATM users. It will help to ensure that the greater reliability of accessing cash from the machines and the general use of the ATMS and particularly, in light of the number of branch closures by much of the deposit-taking institutions,” stated Fitz Jackson, Member of Parliament for St Catherine Southern, on the BOJ’S ABM standards.
While praising the BOJ, Jackson wants for more information regarding the non-financial penalties for breaches of the standards, the supervisory consequences and to what extent any action by the BOJ can act as an effective deterrent for DTI breaches.
Different commercial banks have moved to curb the level of freeness by their clients over the years at their ABMS. NCB, JMMB Bank (Jamaica) Limited and JN Bank customers now have their first four ABM withdrawals for the month at their respective bank’s proprietary ABMS before being subject to a $25-$30 fee for additional withdrawals. FCIB Jamaica and VMBS charge no fees to their customers using their proprietary ABMS. First Global Bank Limited charges $30 at their proprietary ABM’S while Bank of Nova Scotia Jamaica Limited (BNSJ) charges $25-$50 per withdrawal at their proprietary ABMS depending on the account used for the transaction. Sagicor Bank Jamaica Limited charges $34.55 per withdrawal at their proprietary ABMS but offers no withdrawal fees for users of a particular savings account. Seniors experience some level of no fees or reduced withdrawal fees at different bank ABMS while any withdrawal by customers at their bank’s non-proprietary ABMS are usually charged at the applicable Multilink rate.