In a move following similar actions by other banks, First Global Bank Limited (FGB) and VM Building Society (VMBS) are set to implement fee increases in the coming weeks, affecting various services.
First Global Bank’s Fee Changes:
Starting September 22, FGB will adjust several of its fees by 5-10%. Online services will see a 5% increase, while in-branch services will be raised by 10%. Notable changes include:
- RTGS Fees for Seniors: The in-branch RTGS fee will rise from $2,000 to $2,200, a 10% increase. The online RTGS transfer fee will increase by 5% from $275 to $288.75. Regular RTGS fees for other accounts will remain unchanged.
- Outgoing Wire Transfers: In-branch outgoing wire transfer fees will go up from US$45 to US$49.50, and online outgoing wire transfer fees will increase from US$35 to US$36.75. This adjustment applies to all foreign currencies, while JMD figures remain unchanged.
- Additional Fees: FGB will also adjust fees for online ACH transfers, managers cheques, standing orders, cheque encashment, chequing and overdraft fees on current accounts, and various other services. An $11 point-of-sale (POS) fee will be introduced for FGB Visa debit cards used on both FGB and non-FGB POS machines.
VM Building Society’s Fee Increases:
VMBS will raise its fees starting September 19, marking their second fee adjustment this year, following an earlier increase on February 1. Key changes include:
- Outgoing RTGS Fees: The fee for outgoing RTGS transfers to other banks will increase by 25%, from $160 to $200.
- ATM Withdrawal Fees: There will be an 86% hike in withdrawal fees at non-VMBS ABMs, rising from $51.50 to $83.50 plus GCT, totaling $96.03. This significant increase follows a year of heightened security concerns affecting cash courier services.
Recent Fee Adjustments by Other Banks:
- JN Bank Limited: Adjusted its fee schedule on July 22.
- Sagicor Bank Jamaica Limited: Made changes on July 18.
- FirstCaribbean International Bank (Jamaica) Limited: Adjusted fees on May 31.
- JMMB Bank (Jamaica) Limited: Increased fees on February 1.
- National Commercial Bank Jamaica Limited (NCBJ) and Bank of Nova Scotia (Jamaica) Limited (BNSJ): Updated their fees on November 1, 2023.
These fee adjustments reflect a broader trend across the banking sector, with institutions revising their charges to address operational costs and market conditions.
