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: JN Bank Ltd.
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