Amendments to Banking Services Act Could be Ready by Next Week

Amendments to Banking Services Act Could be Ready by Next Week

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South St. Catherine Member of Parliament, the PNP’s Fitz Jackson, says the redrafted bill to amend the Banking Services Act could be re-tabled in the House of Representatives next week.

Jackson says changes to the bill could be completed by Thursday.

On May 9, Jackson withdrew the bill which proposes to amend the Banking Act in order to end a range of fees for various services.

He told Parliament at the time that he was withdrawing the bill in order to take on board comments and recommendations made by various stakeholders in a bid to strengthen it.

Under the draft legislation, banks would have a minimum service package under which each customer would be allowed at least 120 free transactions annually.

The debate on the bill started in the lower house in January.

Meanwhile, Mr. Jackson says he’s still pursuing a class action law suit against the country’s commercial banks which had imposed a fee on dormant accounts. He says those fees are illegal.

Several banks have since suspended the dormant account fees.

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News Credit: Nation Wide Radio | Read here http://nationwideradiojm.com/amendments-to-banking-services-act-could-be-ready-by-next-week/

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