KINGSTON, Jamaica — National Commercial Bank Jamaica (NCB) is advising customers to prepare for upcoming changes to the processing of high-value cheque payments as the Bank of Jamaica (BOJ) moves to modernise the country’s payments system.

Effective September 1, 2026, cheques valued at J$1 million and above will no longer be accepted or issued through the national clearing system. NCB said it will, however, continue to accept cheques drawn on NCB accounts and presented directly to the bank for payment.

The changes follow the BOJ’s decision to replace the existing flat regulatory fee of J$5,000 plus general consumption tax (GCT) on qualifying high-value automated clearing house (ACH) transactions with a percentage-based, or ad valorem, regulatory charge. The new fee will apply to cheques valued at J$1 million and above, as well as ACH debit transactions initiated by payees to collect funds directly from customers’ accounts.

READ: Banks phasing out cheques

NCB’s move follows similar steps by other banks, including CIBC Caribbean, Scotiabank Jamaica and First Global Bank (FGB), as the sector transitions away from cheque-based transactions.

READ: CIBC joins banks to cease issuing, accepting $1-million cheques

The bank noted that the cheque value threshold will continue to be reduced in stages until the issuance and acceptance of cheques through the national clearing system are fully discontinued on March 1, 2028.