JN Bank Service Standards
Changes in rates and charges FAQs
Why is JN Bank increasing fees at this time?
We have adjusted our fees because of the increasing cost of providing some banking services. We delayed passing on these additional costs for more than two years because we understand how fee adjustments can be viewed, especially in this current economic environment. However, we have carefully reviewed these changes, and the adjustments are only being made to select fees. This will help us to continue providing reliable, secure and convenient banking services to you.
Which services will be affected by these fee increases?
The adjustments will affect select services in the following categories:
- Retail banking transactions
- Business banking transactions
Which retail banking transactions will be affected?
The fee adjustments will affect the following retail banking services:
- Funds in a savings account that fall below the minimum balance (Exceptions: accounts for minors, senior citizens over age 65, Simplified Due Diligence or Redi Savings accounts, Everyday Transaction Accounts)
- Credit bureau fees
- Over-the-counter deposits of $1M and over
- Early closure of savings accounts
- Deposits used as collateral for a loan of hypothecation of funds in a savings accounts
- Outbound international wire transfers
- Point-of-sale transactions
- Cheques returned for insufficient funds
- Returned cheques (foreign currency)
- Cheque books
- Manager’s cheques
- Cheque encashments (JN Bank JMD cheques)
Which business services will be affected?
The fee adjustments will affect the following business banking services:
- Minimum balance in savings accounts
- Account maintenance
- Credit bureau fees
- Loan processing
- Line of credit processing (secured and unsecured)
- Letters of credit
If I can open my account with $2,500, why is the minimum balance $5,000?
You are correct that the amount required to open a savings account is different from the minimum balance that applies after the account is opened. The opening amount is intended to make it easier for you to start saving with JN Bank.
We understand that each customer’s circumstances are different, and our aim is not to discourage saving, but to encourage steady growth in savings. Customers who may not be able to find the minimum balance immediately to open the account have an opportunity to build up their savings gradually over time or speak with us about other account options that may better suit their needs.
I noticed that there are some fees attached to the new JN Bank Visa Debit Card. What are these fees?
Yes, this is true. Since our new JN Bank VISA Debit card can now is an international card, there are some new fees which were not associated with your previous JN Bank 24/7 debit card. When the card is used for international transactions, these fees will be applied and charged. These new fees have been put in place immediately. For a detailed list of applicable fees and charges, please refer to the following link: VISA Debit Card Fees For International Transactions
