![]() Total assets of $192.49 billion as at December 2022.įirstCaribbean International (Jamaica) Limited (FCIB) - $1.01 billion for its FY ending October 31, 2022. Sagicor Bank Jamaica Limited (SBJ) - $6.19 billion earned for its FY ending December 31, 2022. Total assets of $236.46 million as at March 2022. Jamaica National Bank Limited (JN Bank) - $1.82 billion earned for its FY ending March 31, 2022. Total assets of $492.86 billion as at October 2022. Total assets of $834.77 billion as at September 2022.īank of Nova Scotia Jamaica Limited (BNS) - $17.21 billion earned for its FY ending October 31, 2022. National Commercial Bank Jamaica (NCBJ) - $23.5 billion earned for its financial year (FY) ending September 30, 2022. The fees and commissions earned by the different commercial banks include: These fee increases around cash also come at a time when security and courier transport companies have hiked fees by 30 per cent and 40 per cent in the last three months. Other banks such as Sagicor Bank Jamaica Limited adjusted their fees on April 14. VMBS' in branch services including cash withdrawals up to $100,000 and other services have gone up with the cash withdrawal going from $150 to $300. JMMB Bank's fee adjustments largely affect international transactions with their RTGS fee charge now moving from $50 to $70. Other affected fees include chequing account services, replacements of debit and credit cards and a range of other items listed on their website. JN customers who used to enjoy free withdrawals via JN ATMs will now have four free transactions per month and be subject to a $30 fee thereafter. Therefore, it became necessary to review our rates and fees, and effective May 26, 2023, there will be an adjustment to fees for some of our services," said JN Bank in an e-mail sent to customers.Ī table showing the bank fees charged on savings accounts. ![]() ![]() "Over the past three years, dramatic rises in interest rates, inflation, and other costs locally and globally, have led to an increase in the cost of providing services. This comes against the backdrop of all three also adjusting their interest rates on their customers with variable rate loans over the next two months. JN Bank Limited, Victoria Mutual Building Society (VMBS) and JMMB Bank (Jamaica) Limited are the latest banks to signal to customers an increase in service fees to be adjusted on May 26, May 30 and June 15, respectively. This also comes against the backdrop of Basel III to be implemented later this year which has been described by several executives as a radical gamechanger for the sector. However, as loan growth slows, trading opportunities diminish and deposits become more expensive, DTIs are now turning to other avenues to shore up revenue. Banks are increasing service fees again for customers.Īs deposit-taking institutions (DTI) continue to hike interest rates on existing and new loans, customers will now see a new round of increases and decline in free services in the next month.Ĭonsumers were already seeing their wallets shrink further between higher food prices and increasing cost to service their loans and insure those items.
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