Jamaican Banks assure customers that new fees on US- Dollar accounts are related to transportation costs.

Banks are assuring customers that new charges levied on US-dollar accountholders are related to higher costs associated with transporting and shipping the currency overseas.

The President of the Jamaica Bankers Association, Mr. Nigel Holness reiterated: “‘this is’ not a revenue generating activity for the bank. Institutions have limits based on insurance coverage and risk limits, and so this restricts the amount of cash a bank may be allowed to hold in its vaults at any given point. Therefore, the physical notes of foreign countries … go back to the country of origin, and in that process a cost is incurred”.

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The Caribbean Association of Banks, Inc. is the representative body and recognized voice for banks and other financial institutions in the Caribbean. We seek to influence policies and legislation which impact the sector by advocating on our members’ behalf and participating in the global network of similar institutions.

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