NCB seeks to explain why it is increasing bank fees | News
Under pressure, the National Commercial Bank (NCB) sought to explain how it arrived at new bank charges and an increase.
Both NCB and Scotiabank have come under heavy public criticism over the new fees.
READ: Government pressures ‘deaf’ banks over new fees
According to NCB, in November last year, it informed customers that there would be a fee review effective January 3, 2022 and published the new fee structure on its website.
The revision includes reinstating some fees that were suspended in March 2020 in response to the COVID threat.
They include fees for BCN ATM withdrawals, point-of-sale purchases and interbank transfers.
Prior to March 2020, NCB offered customers three free ATM or NCB POS transactions each month.
Additional withdrawals cost $30 each while each transaction point attracted a fee of $12.10.
For other bank transfers made via NCB online or in branch, a fee of $198.95 was applied.
Why NCB has adjusted the fees:
1. Input costs for in-branch and digital services have increased since the last major fee review in 2018
2. Ongoing efforts to discourage the use of cash and checks in support of building a digital economy.
3. The need to pace digital adoption with certain groups, for example, seniors and those earning less than $20,000 per week who need specific accounts to access fee waivers.
4. Increase the number of NCB ATMs filled with $5,000 bills to allow a single withdrawal of $100,000.
5. The average number of ATM withdrawals per month and the threshold of free transactions so customers can avoid fees.
6. Encourage increased savings habits by having two free ATM withdrawals per month instead of four.
7. Stopping certain fees such as those for declined transactions, balance inquiries at ATMs, online, mobile applications, kiosks and telebanks.