Gordon Swaby

Debit card charges comparison chart for Jamaican banks

I couldn’t find this anywhere else online so I thought it would be a great reference for the people who care.

These figures may seem negligible to many, but they add up. Especially if you do point of sales transactions regularly. Let’s say you use your scotia card  on average once daily, that’s $115.5 weekly, $511,50 monthly or $6,022.50 yearly. Many of us more than one bank so that’s a conservative figure. Also take into consideration ABM charges etc. Another good thing about tracking bank charges is that it’s easy for them to charge you in error without you noticing, especially if you have large balances.

I will add more banks to this chart in the future and also update them as the bank changes them.

 

Notes

Feel free to scrutinize my figures. 

The figures quoted from Scotia are for their regular savings account.

You can avoid Scotiabank’s charges (for their POS and ATMs) with their Electronic Access Account with a flat figure of  $190 per month

You can avoid all of NCB’s charges (for their POS and ATMs) with their midas plus facility. Unlike Scotia’s $190 charge, NCB’s MPF is free.

Scotiabank charges 2% for all online visa debit transactions.

Scotiabank’s and First Global’s fees will be raised as of May 1, 2013. Chart shows new fees.

If your Jamaica National account goes below $2,500 JM $75 is deducted monthly.

Sources:

NCB Fee guide: http://jncb.com/docs/NCB_Fee_Guide.pdf

First Global Bank: http://www.firstglobal-bank.com/news/newsarticle.aspx?id=95&cat=1  (Rates are being modified on May 1, 2013, table reflects such. )

ScotiaBank:  http://www.scotiabank.com/intl/jm/PDF/about/Schedule_of_rates_v5.pdf (Rates are being upgraded on May 1, 2013), table reflects said charges. )

First Caribbean: http://www.cibcfcib.com/uploads/pdf/Schedule%20of%20Charges/Personal%20Banking/Jamaica-Schedule_of_Charges-Retail.pdf

RBC: http://www.rbtt.com/jm/personal/file-706105.pdf

Jamaica National: I couldn’t find a fee guide from their website so I got the information from their customer. The name of the CSR that I spoke to was Kimberley. Customer care # is 1876- 5343

VMBS:  http://vmbuildingsociety.vmbs.com/express_24_abm.php

Written by Gordon Swaby

Gordon Swaby

Founder and CEO of social learning service EduFocal.com. I’m passionate about technology, the internet and the use of technology in education. I am a recipient of Governor General’s Youth Award, the PSOJ’s 50 Under 50 Award, The commonwealth Youth Award and many others.


Lovingly made on Tuesday, April 16th, 2013 at 3:51 pm. Filed under How To, Interesting, Jamaica/Politics, Personal.

  • Bobby

    Hey GS get RBC fee plz

  • disqus_iCJDHkwhlu

    u sure bout this?

    • http://gordonswaby.com Gordon Swaby

      “Feel free to scrutinize my figures. “

  • http://twitter.com/geoffmarsh Geoffrey Marshall

    What about credit unions and building societies?

  • http://twitter.com/gelede gelede

    Thank you for this information. Very important. If you use a US-based bank card at Scotia, that amount jumps to $253.00. How do I know this…? And because Scotia ABM’s are much more accessible (i.e. more of them e.g. at gas stations) they are sucking out much money out of people’s pockets.



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