Sunday 29 November, 2020

NCB introduces new account with easier opening requirements

File photo shows NCB's branch on St James Street, Montego Bay.

File photo shows NCB's branch on St James Street, Montego Bay.

Following recent efforts by the Jamaica Bankers Association after amendments to the Proceeds of Crime Act, (POCA), local commercial banks like National Commercial Bank Jamaica Limited (NCB) are now able to make it easier for unbanked and underbanked individuals to open bank accounts.

With the NCB’s introduction of its new Quick Save account, these individuals will only be required to present a Government of Jamaica-issued ID, a Taxpayer Registration Number (TRN) and J$100 to become a bank account holder.

“Every Jamaican deserves a fair opportunity to join the formal banking system,” noted Brian Boothe, Senior General Manager of Corporate, Commercial and Consumer Banking at NCB.

“We know and support the position that the regulatory requirements for account opening are intended to ensure proper and legitimate use of funds, but we also acknowledge that it has been difficult for certain Jamaicans and some vulnerable groups to get a foot in the door, simply because previously, they could not meet these minimum requirements.”

Making reference to persons who can declare a specific source of consistent income such as retirees who receive pensions and beneficiaries of government subsistence payments like NIS pension and PATH cheques, Boothe shared that the NCB Quick Save Account will allow them to receive their payments electronically, and give them 24/7 access to their funds through various channels such as ABMs, Point of Sale (POS) Machines, Online Banking or using NCB’s mobile app.

Brian Boothe, Senior General Manager of Corporate, Commercial and Consumer Banking at NCB

“Particularly now when Jamaicans are being encouraged to practise social distancing, we’re very happy to have an account with easier opening requirements to help those persons who would normally visit a branch to encash salary or pension cheques and government vouchers.” Boothe said.

“Now, accessing their money is simply a matter of going to the nearest ABM, making transfers using our online banking platform or making payments via our mobile app,” he added.

Boothe noted that holders of NCB Quick Save accounts do not have to maintain a minimum balance; however, the account balance should not exceed $250,000.

While there are other conditions which apply to opening and maintaining the account, he also advised that there were additional benefits for customers aged 65 years and over, such as the waiving of certain fees.

“We know that some of our senior citizens are long accustomed to coming in-branch to access their NIS pension, for example,” Boothe shared.

“And we know it will take time for some of them to make the transition to our safe and more convenient alternatives like our 24/7 Bank on the Go ABMs and Online Banking. So while we work on teaching them how to use these self-service channels, we will not charge the usual in-branch cash withdrawal fee.”

Opening a bank account has never been easier,” stated Boothe. “So we are encouraging those who wouldn’t normally have access, to open their NCB Quick Save account so they can receive payments and access funds safely and conveniently whenever they need to.”

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