Less than three months after other banks raised their fees, First Global Bank Limited (FGB) and VM Building Society (VMBS) are set to increase their charges in the coming weeks. The new fee structures will affect a range of banking services, with increases ranging from 5% to 25%.
First Global Bank Limited (FGB)
Starting September 22, FGB will implement fee increases of 5-10% across various services. The adjustment will impact both online and in-branch transactions, with online fees generally rising by 5% and in-branch fees by 10%. Specific changes include:
- In-Branch RTGS (Real Time Gross Settlement) Fee for Seniors: Increasing from $2,000 to $2,200 (10% increase).
- Online RTGS Transfer Fee: Rising from $275 to $288.75 (5% increase).
- Outgoing Wire Transfers: In-branch fees will increase from US$45 to US$49.50, and online fees from US$35 to US$36.75. The adjustments will apply to all foreign currencies, while JMD fees remain unchanged.
- Additional Fees: Online ACH (Automated Clearing House) transfers, managers cheques, standing order (PAP) initiation fees, cheque encashment, and various other account-related fees will see adjustments. A new $11 fee will also be introduced for point-of-sale (POS) transactions using FGB Visa debit cards.
VM Building Society (VMBS)
VMBS will raise its fees starting September 19, marking its second adjustment this year. Key changes include:
- Outgoing RTGS Fee to Other Banks: Increasing by 25% from $160 to $200.
- Withdrawals at Non-VMBS ABMs: An 86% increase from $51.50 to $83.50 plus GCT, totaling $96.03. This significant hike comes a year after security issues involving cash courier companies.
Both banks’ adjustments follow similar moves by JN Bank Limited and Sagicor Bank Jamaica Limited, which revised their fee schedules on July 22 and July 18, respectively. Other banks, including FirstCaribbean International Bank (Jamaica) Limited, JMMB Bank (Jamaica) Limited, National Commercial Bank Jamaica Limited (NCBJ), and the Bank of Nova Scotia (Jamaica) Limited (BNSJ), have also made fee changes earlier this year.
As banks continue to adjust their fee structures, consumers are advised to review their banking services and consider their options to manage increased costs effectively.
