Jamaica National to charge fees for some services
AS of June 1, the Jamaica National Building Society (JNBS) will charge fees for some transactions.
The firm will now charge its members ATM fees of $50 per transaction at non-JN machines and, additionally, a $50 charge for each transaction after the fifth one in the bank each month.
JN Group marketing executive Leon Mitchell outlined the basis on which in-branch and ATM fees will be charged at the building society’s monthly marketing meeting on Thursday.
Mitchell stated that there will be no charge for lodgments to accounts or payments on loans; and all JN members will be permitted five free transactions per month in the banking hall. And he pointed out that senior citizens, mortgagors and members with savings account balances of more than $250,000 will not be charged fees for any service.
“It should be noted that since January, non-members have been charged a fee of $35 for utility bill payments,” he pointed out, “that fee will now be $50.”
The marketing executive also pointed out that there will be no charge for banking and bill payment transactions carried out via LIVE by JN, the Society’s online banking service.
“We have upgraded LIVE by JN, and expanded our ATM network in major locations across the island, which will provide members with services that will not attract fees. In fact, we will be launching a campaign to assist members to appreciate how they can access services and avoid paying fees,” Mitchell stated.
He advised members that careful management of in-branch and ATM transactions, as well as online services, can eliminate additional costs.
Jamaica National, like all local financial financial institutions, have been impacted by the Jamaica Debt Exchange programme (JDX) which saw Government exchange out 99 per cent of its domestic debt for new bonds at lower rates and longer maturities.
