THE effects of the recent global financial crisis have pushed many individuals to start exploring their options to see how they may control the cost of using licensed financial services. This becomes even more urgent when such financial services are likely to cost more because additional taxes — such as the increase in GCT to 17.5 per cent, which became effective January 1, 2010 — will force banking and other financial services which already attract such government taxes to pass them on to customers.

However, Jamaica’s largest commercial bank, NCB, has recognised the extent of the current challenges and has moved to educate its customers on banking options that will allow them to bank smarter and save.

On January 20, 2010, NCB launched a new educational campaign titled, “Cut Banking Fees”, in an effort to build awareness about how customers may bank in ways that help them to minimise or eliminate paying fees altogether. Some of those options include using NCB electronic channels such as ABMs and internet banking; accessing banking packages such as the NCB SME Financial Services for businesses; or NCB First Class and the Gold Club savings accounts for qualifying individuals. The campaign also encourages NCB customers to sign up for NCB Midas Plus, which gives customers all electronic banking transactions free of cost.

Sheree Martin, NCB’s senior assistant general manager — Group Marketing and Communications, has explained that, while banking fees may go up across the sector because of the increased operating costs, “We saw it fit to launch this campaign in an effort to ensure that our customers are made aware of ways to minimise the impact. Essentially, this campaign is geared towards educating our customers about ways to ease some of the financial burden,” she added.

The NCB executive noted that the bank continues to remain focused on meeting the needs of its customers by offering financial services with real solutions. In keeping with that focus, NCB also launched its ‘Money Matters’ campaign in 2009, which is geared towards helping NCB customers with budgeting tools and tips, savings options, and debt consolidation.