FTC cites high bank fees

Jamaica’s Fair Trading Commission (FTC) has revealed that a study, covering the period 2005 to 2013, found that the two largest commercial banks in Jamaica - NCB and Scotiabank - collected fees and commission charges that were 5 times greater than direct costs.

Banks have long maintained that fees and charges represent only a fraction of the cost of providing the services for which they are charged. 

Given the finding, the FTC has vowed to continue advocating for a competitive banking environment, through the disclosure of complete information to consumers.    

The issue of bank fees has emerged in recent months as a major source of concern for sections of the society and has attracted the attention of a parliamentary committee, which has been holding hearings into the matter.

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