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In an effort to remain competitive and relevant to its customers, National Commercial Bank (NCB) has decided to suspend bank fees for dormant accounts. In a statement released on January 4, 2010, NCB’s Senior G.M. of the retail banking division, Audrey Tugwell Henry, affirmed that “(NCB) saw this area as one that would have immediate benefit for all customers.”

Mrs. Henry elaborated that this initial suspension of fees will allow NCB to review and analyze the operating costs of managing dormant accounts “…with the hope of eliminating these fees all together.”

Previously a dormant charge, of $297.87 plus GCT per year, was incurred if an account has been inactive for a specific period of time. NCB says it has been able to waive this fee by withdrawing the mailing of letters to dormant accounts and introducing technology that will provide closer, more real-time monitoring. The Bank says these measures, aimed at cutting operational costs and improving operating efficiency, is in keeping with NCB’s strategic objectives to provide value to its stakeholders.

The move comes a week after NCB’s managing Director Patrick Hylton told Business Content Jamaica that the banking sector will have to re-examine the strategy of “cost recovery” .