The opposition People’s National Party (PNP) is reiterating calls for the Government to urgently act now in protection of the people against banking fees being imposed by some of the largest financial institutions in Jamaica.

The PNP, in a statement citing Member of Parliament for South St Catherine Fitz Jackson on Wednesday (January 26), wants the Holness Administration to revisit the Banking Services Act and pass the legislation in Gordon House.

According to him, Jamaica sits on another pivotal moment where “future generations, and history, will record how we would have failed our people and country”.

See Jackson’s statement in full:

“The recent announcement by the two largest banks in Jamaica, the Bank of Nova Scotia and National Commercial Bank, has once again highlighted the continued cruel, unreasonable and heartless deductions from account holders through a range of fee penalties. Their actions continue unabated, without any regulatory restriction due to the Government’s persistence in allowing it. 

The administration, using its majority, has continued to block the passage of the bill (Banking Services Act) before Parliament that offers some protection to the public. This bill would allow account holders to make transactions against their own accounts without the penalty of fees. 

These transactions would include making withdrawals, deposits, transfers, account inquiries, cashing of cheques, among other routine transactions. 

Why should an account holder be penalised by the charging of a fee for using their own money, which the banks already have the privilege of using to earn for themselves? The bill before Parliament does not require the banks to share their profits from use of depositors funds. The charging of fees to account holders to use their own money, provides a double benefit to the banks, and a loss to the depositors. 

Banks, like all other businesses, incur operating expenses like salaries, utilities, marketing and promotion. These operating expenses for their peculiar banking activities would include the counting of the monies they established themselves to collect, using modern technologies and not just by hand, together with their transportation and safekeeping as they deem imperative. 

The provisions of the bill were arrived at after extensive bipartisan discussions and agreement between both JLP and PNP Members of Parliament, including current senior members including Ministers Karl Samuda, Audley Shaw and Daryl Vaz while serving as members of a Parliamentary committee that considered the matter. These Parliamentarians, among others, have now seemingly surrendered to the lobbying of the banks, and abandoned the protection of everyday Jamaicans, micro-, small- and medium-sized businesses, pensioners and those marginally employed in the public and private sectors, including the unemployed. 

I am heartened by the recent announcement by some officers of the JLP, who have now recognised that the public ought to be protected from the wicked bank fees. This bold move by JLP officers is commendable and demonstrates good conscience and patriotism. 

I urge my fellow members on the Government side of the Parliament to demonstrate their own courage and patriotism in defence of the thousands of Jamaicans who voted for them in their various constituencies. It is to the majority of our constituents across the country to whom we are beholden, and not to the few bank owners who extract [billions] each year in fees from account holders. 

We all as Members of Parliament must always be mindful that our individual or collective failure to act in protection of fellow Jamaicans, makes us complicit with the banks in their continued unjust practices. 

Future generations and history, will record how we would have failed our people and country. 

The bill has been kept on the order paper since its defeat in 2018, and re-tabling in October 2020, immediately after the last general elections. 

This ensures the ongoing opportunity for the Government to act “at the drop of a hat”, in protection of ordinary deposit holders and prescribe a minimum level of transaction services without fees. This will ease the burden on consumers while still allowing banks to earn profits. We are being called upon to put Jamaica first, look out for the ordinary man, and stand up for what is right, even for once.”