JMMB says it has reimbursed its clients who were overcharged for online transactions. 

In a post on social media platform X, the company on June 5 told its clients, “We’ve completed notifying affected clients via email, and refunds have been successfully dispatched to their accounts. However, if you’ve conducted equities transactions on JMMB Moneyline between May 1, 2020, and May 9, 2024, and have not yet received your refund, we kindly ask for your name to facilitate our investigation and ensure a resolution.”

The company said it made the discovery “following a thorough investigation”.

However, it seems that concerns about the overcharge began in last month when X user @RTTowe stated (sic): “To the @MyMoneyJA users tracking their @JMMBGroupJA portfolios & asking if our trade fee calculation is wrong. I can confirm that MMJa’s calculation is correct. It seems JMMB has accidentally double-charged GCT on trade fees since Feb 1. They’re now aware & sorting it out soon.”

Responding to an Our Today query, JMMB Group noted, “Some our clients who had conducted equities transactions via JMMB Moneyline (our online transaction system), during the period May 1, 2020, to May 9, 2024, were inadvertently charged a fee which exceeded the fee that was published in our fee guide.”

JMMB Moneyline allows clients of the institution to conduct banking transactions such as paying bills, transferring money to other accounts, checking bank balances, and printing bank statements without going into a branch.

When asked how many of its clients were impacted, the financial institution said less than five per cent. While the company’s website indicates that it serves 46,000 people in Jamaica, Trinidad and the Dominican Republic, it however did not share how many clients use the JMMB Moneyline platform.

JMMB explained that consistent with its core values, it has “reimbursed the full sum of the overcharged amount, plus interest, along with a written apology acknowledging our error”.

On June 6, in another social post, JMMB asked clients with questions regarding the equity fee refund to send their queries via secure message on JMMB Moneyline for them to be addressed by a client care representative.