JN Local (Electronic) Funds Transfer FAQs
The Automated Clearing House (ACH) was created by the Bank of Jamaica (BOJ) in 2002 to facilitate the electronic processing of debit and credit payments between participating financial institutions. The BOJ Real Time Gross Settlement (RTGS) system is designed to process large-value and time critical payments and transfers between commercial banks. JN Bank members are able to send and receive ACH and RTGS local funds transfer at any JN Bank branch or MoneyShop across the island.
What is the amount of funds that can be processed through ACH and the RTGS?
Effective May 2, 2016, transactions can be sent through the ACH for amounts up to J$1M. Transactions exceeding the $1M threshold have to be sent through the Real Time Gross Settlement System (RTGS). You can, however, opt to send any amount through RTGS for same-day credit to the receiver’s account.
How quickly are “Local Funds Transfer” payments initiated from JN Bank?
RTGS transactions are initiated at JN Bank as soon as you are provided with your transaction confirmation. RTGS payments arrive in the accounts of the beneficiary within 2 hours after the transaction is initiated.
What are the deadlines for same day processing of local funds transfers?
Cut-off time for RTGS transactions is 2pm daily. RTGS transactions processed by 2pm should be credited to beneficiary’s account the same day. For ACH transactions, the cut-off time is 12 noon. ACH payments processed by 12 noon should be credited to the accounts of the receiving party within 24 hours after the cut-off time.
What information is required to initiate a “Local Funds Transfer” payment?
• Beneficiary’s name
• Beneficiary’s bank and branch
• Beneficiary ‘s account number
• Amount of payment
What is the fee for initiating Local Funds Transfer Payment at JN Bank?
- J$235 for each transaction (RTGS)
- J$18 for each transaction below J$1M (ACH)
What are the benefits of using the Local Funds Transfer System?
- Secure, speedy and efficient payments
- Reduction in lost or misplaced cheques
- Reduction in fraud
- More cost effective than using cheques
- Improved reconciliation of your accounts
Can requests for cheques still be made for payments above the threshold?
Yes. A fee of J$ 5,000 plus GCT per cheque will be charged for amounts over J$1million.
Why is there such a high fee for payments above the threshold that are requested by cheque?
This charge was introduced by the BOJ to encourage the use of RTGS for large-value transactions and thus reduce the liability, credit and settlement risks.
Can cheques over the threshold still be deposited to an account at JN Bank?
Yes, at no charge to the member.
Will a receipt be provided for Local Funds Transfer payments?
Yes, a receipt will be provided but members are encouraged to check with the beneficiary to ensure successful transfer of funds.
Can RTGS payments be received at JN Bank?
Yes, the fee is J$235. The following information must be provided to the sending institution:
Beneficiary Bank: Jamaica National Building Society
A/C #: 151874
Beneficiary account: (customer’s account #)
Beneficiary account name: (name on the account)
Where can I get additional information?
Tel: 1-888-GET-JNBS or 1-888-438-5627 Email: firstname.lastname@example.org