National Commercial Bank (NCB) Announces Fee Increases
The National Commercial Bank (NCB) has announced a series of fee adjustments for select banking services.
The adjustments, which come into effect on October 1, 2023, are intended to help the bank manage rising expenses while ensuring its continued provision of quality financial services.
One of the notable changes is the increase in the cost to process a manager’s cheque purchased via an NCB account.
This fee will move from $321.89 to $386.27.
Furthermore, NCB customers seeking to replace their Visa debit cards, including pin changes, will face a substantial fee increase. The fee for this service will rise from $739.13 to $1350.
Customers who request a cheque recall will also experience a fee adjustment, with the new cost being $850, up from the previous $700.
Additionally, the transfer of funds to another bank using the ACH online service will now cost customers $20.00, compared to the current fee of $10.87.
Customers who require account printouts for personal and SME sole traders will also see an increase in fees, which will move from $434.78 to $520.
Moreover, customers receiving funds from other banks using the Real Time Gross Settlement (RTGS) transfer option will now pay a fee of $65. Previously, NCB did not charge for this service.
NCB emphasised that this new fee structure does not include the General Consumption Tax (GCT) and has been introduced as a necessary measure to address the growing expenses incurred by the bank.
In an advisory sent via email, NCB stated, “Just like you, we’re feeling the effects of rising costs in our day-to-day operations. From network and security costs, investments in fraud prevention and technology to material and equipment costs, all of these have been gradually increasing.”
The bank further explained that it had been absorbing a significant portion of these rising costs to keep fees as minimal as possible for its customers. However, in the current economic climate, it deemed it necessary to make these adjustments to ensure the bank’s smooth and sustainable operation.
The bank will reduce fees for two of its services: e-commerce set-up and transferring funds to other banks using the RTGS option, excluding transfers done by commercial and corporate clients.
The e-commerce set-up fee will decrease from US$550 to US$200, while the fee for transferring funds using the RTGS option will move down from $173 plus GCT per transfer to $130 plus GCT.
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