The National Commercial Bank Jamaica Limited (NCB) has suspended charges on accounts not accessed over a specified period, or dormant accounts, in response to customer needs and changes to the environment.

The bank yesterday announced that it would effect the change immediately for a period of two years.

“In response to our customers’ demand to cut bank fees, we saw this area as one that would have immediate benefit for all customers.” stated Audrey Tugwell Henry, senior general manager, retail banking division. “The dormant charges will be initially suspended to allow us to conduct a comprehensive review and analysis of the operating costs associated with the management of dormant accounts with the hope of eliminating these fees all together.”

The bank implemented the charge when it considered the additional costs incurred by the bank to protect these accounts from fraudulent activity, as well as to administer them as unclaimed balances.

“These activities included dispatching letters to the account holders advising them of the dormant status and publishing advertisements in the daily newspapers at specified intervals,” said NCB in a statement issued yesterday.

The going charge to both business and personal local account is $297.87 plus GCT, which is applied in September of each year.

“We have since enhanced our measures to mitigate the risks associated with maintaining dormant accounts,” said the statement. “These measures include using technology to provide closer and real time monitoring of activities on these accounts and withdrawing the mailing of letters to dormant account holders.”

Added NCB: “This has reduced the operating costs associated with these types of accounts and accordingly, the decision has been taken to suspend the dormant fee. NCB remains highly competitive in the administration of its fees and charges; and in keeping with the bank’s strategic objectives of remaining relevant to its customers will continue to access and offer structured packages which affords the customers value that is of utmost importance during these times. We encourage our customers to take advantage of their banking options and to explore ways to cut fees – visit www.cutyour bankfees.com.”