Scotiabank Removes $385 Fee to Exchange $5,000 Bill For Smaller Notes
Scotiabank Jamaica recently received a fair amount of backlash after news of a $385 fee to change a $5,000 note into smaller denominations became widespread.
The bank has now reportedly taken steps to do away with the charge, which it says was being incorrectly applied to some customers.
According to The Gleaner, Deputy Chief Executive Officer of Scotiabank Jamaica, David Noel today stated that the charge was never designed for retail customers.
He also said the charge was intended for business people who are doing larger cash-for-cash transactions.
“We did not intend it to apply to the smaller customers but to avoid any further confusion we have made it very clear to our branch network that that fee will not apply,” he said.
“When we roll things out or try things we do listen to feedback from our customers and we don’t always get it right and when we don’t, we try and make the adjustments that are fair and reasonable as quickly as possible,” the deputy CEO is also quoted as saying by The Gleaner.
The charge will now reportedly apply only to persons who want to exchange $20,000 or more.
Late last year Scotiabank Jamaica, after receiving a fair amount of criticism reverted a 1000 percent fee hike for customers who sought to encash cheques following widespread complaints.
The fee per cheque had risen from $385 across-the-board to $1,385 for cheques from other banks.
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