Tuesday 20 October, 2020

Lee Chin: Go online to avoid bank fees

Michael Lee Chin

Michael Lee Chin

The owner of Jamaica's largest bank has added his voice to the banking fees debate.

Chairman of the National Commercial Bank (NCB), Michael Lee Chin says bank customers should exploit the free online banking services in a bid to sidestep banking fees.

"Everybody complains about banking fees, but you know what? you can circumvent banking fees, if you just went online,” Lee Chin advised.

He added: “We would hope that by virtue of our digital thrust that customers would start using our online services more. Because our online services are free."

He was speaking to journalists following Thursday's official opening of the recently constructed  NCB Banking and Financial Services Centre in the Fairview Complex in Montego Bay, St James.

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Meanwhile, President and CEO of NCB Patrick Hylton noted that the day to day operations of the high tech Fairview facility are costly.

"It is an expensive service. You see the infrastructure (NCB Fairview Banking and Financial Services Centre) that has been put up to provide proper service; you see the staffing that has to be put in place, the computer system and so on; you have to spend a lot of money on security, not only physical, security information ....security data," he argued.
The one of a kind banking and financial centre in Fairview is touted as highly technologically driven.

The contentious issue of fees being charged by the nation's financial institutions was brought back into the national spotlight last month with when parliamentarians were called to vote on Opposition MP for South St Catherine, Fitz Jackson's Banking Services Bill.

The bill, which sought to regulate bank fees including allowing customers 120 free transactions annually, and no charge on deposits or withdrawals among other exemptions, was defeated by Government members of the House.

NCB recorded record profits of $19 billion last financial year.

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