CHAIRMAN of the Consumer Affairs Commission (CAC), Kent Gammon, is urging banks to implement a system that displays banking fees and charges to customers at automated teller machines (ATMs).

Speaking at the commission’s quarterly press briefing at the Ministry of Industry, Commerce, Agriculture and Fisheries in Kingston on Wednesday, the chairman also called for consumers to be given a 72-hour cooling-off period to cancel all transactions without penalties, charges or interests being applied. He proposed that this period should commence from the time of the customer’s signature and should exclude weekends and holidays.

Chief Executive Officer of CAC Dolsie Allen said banks are reluctant to implement the necessary software, citing that “it is too expensive” as a reason for the lacklustre approach.

“We believe persons must be given the opportunity to determine whether or not they want to continue a transaction or discontinue. The fee must be displayed on the screen so that you can make that choice. Information is key for us to make informed decision,” Dolsie said at Wednesday’s press briefing.

Meanwhile, Gammon said, since 2009, despite significant being made these two areas still need to be addressed.

“While the commission is pleased to have led the charge as it relates to fostering accountability and transparency when conducting businesses with banks in Jamaica, the commission will continue to champion the cooling-off period and the display of fees at ATMs,” he said.

— Jovaney Ashman