KINGSTON, Jamaica-The National Commercial Bank Jamaica Limited (NCBJ) has announced an addition to the suite of accounts it offers to its clients and customers.

The bank revealed the new ‘On The Go Lite’ account in a release to the media on Wednesday, January 26. This, it said, is in addition to the ‘Quick Save’ account classification that was rolled out in 2020.

“The Quick Save account operates as a current account for customers with balances of $250,000 or less. It was developed for the average Jamaican who could be earning in the region of $20,000 per week. We appreciate that these customers would be previously unbanked or underbanked,” explained Sheree Martin, National Commercial Bank Jamaica Limited head of retail banking and customer experience.

The Quick Save account does not incur fees at NCB point-of-sale or automated teller machines.

Martin said, in the coming weeks, the ‘On The Go’ and ‘On The Go Lite’ accounts will offer much of the same to customers with reduced know your customer (KYC) requirements.

“We have also taken the decision to waive the cheque encashment fee for amounts $15,000 and under,” she added.

Martin said “the rates we announced in November 2021 took into account the different needs and banking characteristics of our clients and customers, especially our seniors.”

She noted that over 70 per cent of NCB’s banking fees have remained unchanged. 

According to her, the increased fees relate primarily to in-branch transactions and the processing of cheques and cash.

“These services remain more costly when compared to digital transactions or using cards to make payments. The bank took the decision to waive certain fees at the onset and two years into the pandemic, as a measure of relief to the customers,” she pointed out.

“The Gold Club members, Quick Save and On The Go account holders are exempt from all fees including minimum balance charges. Holders of other accounts also have several channels to avoid fees.”

She stressed that NCB-to-NCB account transfers on the digital channels do not incur fees. ATM cash withdrawals, other transactions such as deposits, bill payments and balance enquiries, incur fees.

Martin noted that personal chequing account customers get up to four free NCB ATM withdrawals per month.

“Our data shows that providing up to four free ATM withdrawals per month will enable the majority of our account holders to avoid ATM fees,” she argued.

“The updated fee and rate structure also announced the discontinuation of certain fees such as those for declined transactions and for balance enquiries done via ATMs, Online, Mobile App, Kiosk and Telebanking.”

Added Martin: “The customers will continue to pay no fees for these services on the digital channels such as deposits, bill payments and funds transfers between their accounts and NCB Third-Party accounts.

“We embrace the dialogue and appreciate the feedback from our customers, leaders and other stakeholders.  We are committed to continuing the dialogue to empower and inform our customers.”