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What does this mean for you? For any cheque that you write for $5,000,000 or above, your account will be automatically debited the penalty fee of $5,000 (plus GCT) as per the deferred charge imposed by the BOJ. Should BOJ advise Scotiabank that we will not be charged the deferred penalty fee at the end of the assessment period, we will then reimburse your account. Please also note that Manager’s Cheques will no longer be issued for $5,000,000 or above. What are your options? In order to avoid incurring the penalty charge, large payments can be done through our branch network. Simply present information on your payee’s bank, branch, and account number, and the funds will be electronically transferred from your account to the payee at a nominal cost. Another option, providing you have signed our fax and email indemnity form, can be to email or fax your instructions with the necessary details to your branch. We do appreciate that BOJ’s new fee will affect our customers but hope that by providing you with options, the impact will be minimal. Please contact your branch or call us at 1 888 4 SCOTIA if you have any further questions. At Scotiabank we remain committed to our customers and look
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is fee was introduced by the Bank of Jamaica in an effort to encourage the use of RTGS for large value transactions (i.e. transactions with a value of JMD$5,000,000 or more), and thus reduce the liquidity, credit and settlement risks. BOJ has advised that if the volume of large value transactions is reduced by 50% over an assessment period then this penalty fee per transaction will not be incurred by banks, and as such customers will be reimbursed at that time. Q – How can I avoid being charged this fee? In order to avoid incurring the penalty charge, large payments can be done through our branch network at a nominal cost. Simply present the following: � Beneficiary name � Beneficiary Bank and branch � Beneficiary account number � Value date of payment and the funds will be electronically transferred from your account to the payee. Another option, providing you have signed our fax and email indemnity form, would be to email or fax your instructions with the necessary details to your branch. Q – Will I still be able to write cheques valued at J$5,000,000 or more? You can still write cheques valued at JMD $5million or above, however if these items are presented at another Bank, it will incur the deferred penalty fee of $5,000 per item as imposed by the BOJ, and this fee (plus GCT) will be subsequently charged to your account. Please be reminded that should the BOJ determine that the volume of large value transactions has decreased by 50%
is fee was introduced by the Bank of Jamaica in an effort to encourage the use of RTGS for large value transactions (i.e. transactions with a value of JMD$5,000,000 or more), and thus reduce the liquidity, credit and settlement risks. BOJ has advised that if the volume of large value transactions is reduced by 50% over an assessment period then this penalty fee per transaction will not be incurred by banks, and as such customers will be reimbursed at that time. Q – How can I avoid being charged this fee? In order to avoid incurring the penalty charge, large payments can be done through our branch network at a nominal cost. Simply present the following: � Beneficiary name � Beneficiary Bank and branch � Beneficiary account number � Value date of payment and the funds will be electronically transferred from your account to the payee. Another option, providing you have signed our fax and email indemnity form, would be to email or fax your instructions with the necessary details to your branch. Q – Will I still be able to write cheques valued at J$5,000,000 or more? You can still write cheques valued at JMD $5million or above, however if these items are presented at another Bank, it will incur the deferred penalty fee of $5,000 per item as imposed by the BOJ, and this fee (plus GCT) will be subsequently charged to your account. Please be reminded that should the BOJ determine that the volume of large value transactions has decreased by 50%