NCB announces new rate hikes, but…

The National Commercial Bank Jamaica (NCB) has announced upcoming rate increases on various banking services, effective December 1, 2024, citing increased operating costs as the main factor. But the bank, which ranks first in Jamaica, is keeping rates stable on some essential services.

In a statement emailed to customers on Monday, the NCB explained: “We are changing our rates… but here’s why,” citing rising costs in network security, technology investments, as well as expenses with materials, public services and equipment.

The bank stated: “While we have absorbed many of these costs to minimize increases, we must make some changes to ensure we can continue to provide quality services in a sustainable way,” highlighting that recent economic pressures have made rate adjustments necessary.

This announcement follows a similar fee restructuring by BCN in early 2024, which affected a number of core banking services.

Among the revised fees, the cost of obtaining a manager’s check from an NCB account will increase from $444.21 to $480.00, while purchasing a cash manager’s check will increase from $1,480.01 to $1,555.21. Checkbooks will also have higher costs, with in-branch pickups for 600-sheet checkbooks going from $12,858.60 to $14,144.46, and mail pickups changing from $10,286.87 to $11,315.56. Additionally, the per-transaction fee for online transfers to other local banks through the automated clearing house (ACH) will increase from $23.00 to $25.00.

The bank noted that the new fee structure does not include General Consumption Tax (GCT).

Meanwhile, the NCB is encouraging customers to explore digital banking options, where many services remain free or at a lower cost.

The bank noted that certain important services will not be affected by these changes.

For example, bill payments, balance inquiries and transfers between NCB accounts will continue to be offered free of charge. ABM withdrawal fees will also remain the same, with checking account holders receiving four free withdrawals per month from NCB ABMs before a $25 fee applies, and savings account holders will allow two free withdrawals per month before a $35 fee. The replacement fee for Visa debit cards, including PIN changes, will remain $1,552.50, and duplicate or provisional bank statements will continue to be accessible for free online.

VM Building Society and First Global Bank Limited increased their service fees last month, while JN Bank Limited, Sagicor Bank Jamaica, FirstCaribbean International Bank (Jamaica) Limited and JMMB Bank (Jamaica) increased their fees earlier this year. BNSJ is the only bank that has not yet announced any adjustments to its bank rates.