Saturday 15 August, 2020

NCB temporarily waives some fees amid coronavirus spread

National Commercial Bank (NCB) Jamaica says it will temporarily waive some fees to assist customers who have been impacted by the outbreak of the novel coronavirus (COVID-19).

“We know this is a difficult time for all Jamaicans and we want to assure our customers that we are here to help them get through the COVID-19 situation,” the bank said on Monday.

“We recognise that during this time, customers will still need access to money and may be concerned about their financial wellbeing. We are committed to guiding customers through these challenging times and are working to make accessing financial services as easy as possible,” the statement, signed by CEO Septimus 'Bob' Blake, said.

The temporarily waived fees are expected to benefit general customers; personal customers, corporate and commercial customers, as well as small and medium-sized enterprises.

See the breakdown below:

All customers

We can appreciate that persons may incur unplanned expenses and face unexpected difficulties at this time, and have temporarily waived the following to aid this:

  • Penalty interest for late loan payments
  • Breakage fees for fixed deposits
  • Partial withdrawal fees for insurance policies
  • Late payment fees for credit cards (which will also apply to credit card balances generated between April 5 - 26, 2020).

Personal Customers

  • Customers may request a payment holiday on their unsecured, auto and mortgage loan facilities by emailing ncbcovidassist@jncb.com. Customers are asked to provide their full name, TRN, and branch where the loan was originated in the email.
  • We have approved a Pay Advance facility for over 100,000 customers. This one-month loan facility helps support customers’ urgent cash flow needs. We will waive the loan fee for first time Pay Advance customers. Customers can check to see if they have been pre-approved for the facility by visiting loans.jncb.com and clicking “Check Offer”.
  • Minimum balance fees on deposit accounts will be waived for all customers who sign up for online banking. Customers may sign up for online banking on the NCB Mobile App available in the Google Play and Apple stores. We continue to encourage customers to minimize their exposure by using our digital and electronic channels, and reducing the need to visit branches. Many of our branch services are available online and through 1-888-NCBFIRST. Where cash is absolutely necessary, it is available through our ABMs.

Corporate & Commercial Customers

Corporate customers are encouraged to reach out to their Relationship Manager via phone or email. They are ready to support customers with options that best suit their needs. These may include:

  • Additional working capital support
  • Loan moratorium on principal payment for existing loans
  • Increase in credit card limit
  • Stop payment and uncleared effects fees will be temporarily waived for all corporate and commercial clients.

Small and Medium Enterprises

  • NCB has increased the pool of single digit interest rate loan funding available to SMEs with limited collateral from $3.4 billion to $20 billion. We have reduced the interest rate to 6.5 per cent on these Jamaican dollar facilities. SMEs availing of these facilities will benefit from a moratorium on principal payments of up to six months. SME customers may also access up to $5 million under our Merchant Advance and Quick Biz facilities at reduced interest rates. Interested customers should call or e-mail their Relationship Manager or Branch Manager.
  • Customers may request credit card limit increases by calling or emailing their Business Banker or Branch Manager.
  • The first monthly fee will be waived for customers who sign up for our mobile point-of-sale machine (mPOS). This will assist you with minimising cash transactions by accepting payments via their smartphone or tablet. You can www.jncb.com/mpos to sign up.  
  • SMEs interested in private equity, or in the process of going public, may benefit from a $1 billion pool of capital established by NCB Capital Markets Ltd to support alternative financing needs.

“Please be mindful that conditions apply to these various arrangements”, the bank said.

In the meantime, the NCB said it will continue to reach out to customers in specific industries, such as tourism and distribution that have been directly impacted by COVID-19, and are working to provide customised solutions to meet their needs.

We are closely monitoring the situation as it evolves and stand ready to provide further assistance to our customers. If you have questions or concerns, please email us at ncbinfo@jncb.com

Stay tuned to our social media pages and www.jncb.com/covid19 for ongoing updates on how you can safeguard your well-being, manage your financial affairs and put your best life forward.

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