Imagine we come cross a story in di Observer business section and we shock so till.

You know that even though Bank of Jamaica (BOJ) has reduced the reserve requirements for commercial banks, a new kind of banking fee is making customers pay for having too little money in their accounts.


According to the story the two largest commercial banks in Jamaica by branch network charge depositors a fee for balances below a certain amount.

Scotiabank charges $150 per month for balances below $5,000, while the National Commercial Bank (NCB) charges $50 per month for balances below $2,000.

Estimates are that up to 60 per cent of the deposits in commercial banks are below $5,000.


Now, the only thing we have to say to savers is this, if you find that you nuh have no money to bank and you have below those two figures quoted.

Instead of losing $50 and $150 monthly until there’s nothing left in the book. Close the account and open one with the credit union instead and forget bout di bank dem star.

From now on more of my money will be going into the credit union, cause at the end of the day, we looking for the banks to come up with more fees to dig into your savings.