Tuesday 1 December, 2020

JN Bank implements new fees for in-branch services

JN Bank says its new fees for in-branch transactions are linked to social distancing demands as well as costs attached to its digitisation programme.

The new fees are $1,000 for transactions that were previously free or cost no more than $197.42.

In branch-cash lodgements have been increased from free to $1,000 for amounts less than $1 million, while in-branch withdrawals, which previously attracted a fee of $98.72 will now see a charge of $1,000 per transaction. Senior citizens over 60 years old are exempt.

In branch-cheque lodgement, which was previously free will now cost $1,000.

A charge of $197.42, previously applied to in-branch bill payments, will now be applied to dropbox payments, while $1,000 will be the new charge for in-branch bill payments.

Curtis Martin, JN Bank’s managing director said the commercial bank is upgrading services, hence the need for the new charges.

“We are mindful of the time it takes our members to conduct transactions in our banking halls and, therefore, we are always looking at ways in which we can enhance their experience when they visit our branches, so that they don’t have to wait in line for long periods,” Martin told Loop News.

“In that vein, over the years we have invested significantly in establishing and upgrading our alternative channels so our members can serve themselves.”

The bank said that to facilitate the transition, it continued to facilitate over-the-counter transactions.

However, it is now actively moving to introduce a queue management system in branches to reduce waiting time.

The bank also noted that physical distancing requirements, due to the COVID-19 pandemic, have further presented a need for to reduce gatherings inside branches and, “therefore, we have boosted our digital alternative channels to support our members.”

New fees are intended to encourage the changes sought.

Marin said, “We have been encouraging members to use our Smart ATMs, DropBox and JN Bank online banking platform, to conduct their everyday banking transactions, such as withdrawals, deposits and bill payments, which do not need to be done by a teller.”

“Persons who visit our branches to conduct these transactions are being redirected and assisted to use our alternative channels.”

The services conducted using these channels are largely free, and at Smart ATMs persons can conduct the following transactions at no charge: withdrawals up to $100,000 per day and deposits to an account without the need for a debit card.

However, individuals who “choose to conduct transactions in our branches that can be done using our alternative channels, will pay an over-the-counter service charge of $1,000,” Martin said, noting, however, that senior citizens, 60 years and older, and members with special needs will be exempted from this fee.

The bank said the service charges will be contributed to JN Foundation to implement projects and initiatives to serve members and their communities.

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