National Commercial Bank Jamaica (NCB) has announced upcoming increases to fees on several banking services, effective December 1, 2024, citing rising operational costs as the main driver. But the bank, which holds the top spot in Jamaica, is holding rates steady on some core services.

In an e-mailed advisory to customers on Monday, NCB explained, “We are changing our fees…but here’s why,” citing rising costs in network security, technology investments, as well as material, utility, and equipment expenses.

The bank stated, “While we’ve absorbed much of these costs to minimise the increases, we must make some changes to ensure we can continue providing quality service in a sustainable way,” highlighting that recent economic pressures have made fee adjustments necessary.

This announcement follows a similar fee restructure by NCB earlier in 2024, which affected a range of core banking services.

Among the revised fees, the cost of obtaining a manager’s cheque from an NCB account will increase from $444.21 to $480.00, while purchasing a manager’s cheque with cash will see a rise from $1,480.01 to $1,555.21. Cheque books will also see higher costs, with branch pick-ups for 600-leaf cheque books moving from $12,858.60 to $14,144.46, and courier pick-ups changing from $10,286.87 to $11,315.56. Additionally, the fee per transaction for online transfers to other local banks via the automated clearing house (ACH) will increase from $23.00 to $25.00.

The bank noted that the new fee structure does not include General Consumption Tax (GCT).

Meanwhile, NCB is encouraging customers to explore digital banking options, where many services remain either free or at a lower cost.

The bank noted that certain key services will remain unaffected by these changes.

For example, bill payments, balance inquiries, and transfers between NCB accounts will continue to be offered free of charge. ABM withdrawal fees will also stay the same, with current account holders receiving four free withdrawals per month at NCB ABMs before a $25 fee applies, and savings account holders allowed two free withdrawals per month before a $35 fee. The replacement fee for visa debit cards, including PIN changes, will remain $1,552.50, and duplicate or interim bank statements will continue to be accessible free of charge online.

VM Building Society and First Global Bank Limited increased their service fees last month while JN Bank Limited, Sagicor Bank Jamaica, FirstCaribbean International Bank (Jamaica) Limited and JMMB Bank (Jamaica) all increased their fees earlier this year. BNSJ is the only bank yet to announce any adjustments to their banking fees.