The National Commercial Bank (NCB) has implemented wide-reaching measures to assist its personal, corporate and commercial customers as the novel coronavirus impacts Jamaicans.
In a release today, NCB’s CEO Septimus Blake said “We know this is a difficult time for all Jamaicans and we want to assure our customers that we are here to help them get through the COVID-19 situation.”
For all its customers, the bank has temporarily waived some fees to help those who incur unplanned expenses and experience difficulties. These waived fees include the penalty interest for late loan payments, breakage fees for fixed deposits, partial withdrawal fees for insurance policies and late payment fees for credit cards (which will also apply to credit card balances generated between April 5 – 26, 2020).
“We continue to reach out to our customers in specific industries, such as tourism and distribution, that have been directly impacted by COVID-19…”– NCB chief executive officer, Septimus Blake
Further, additional measures have been implemented for its personal customers. First, customers may request a payment holiday on their unsecured, auto and mortgage loan facilities by emailing email@example.com.
The bank which has a trillion dollars in assets, has also approved a Pay Advance facility for over 100,000 customers. “This one-month loan facility helps support customers’ urgent cash flow needs. We will waive the loan fee for first time Pay Advance customers,” the statement said.
What’s more, minimum balance fees on deposit accounts will be waived for all customers who sign up for online banking.
Corporate and commercial customers may contact their relationship manager to see if the qualify for additional working capital support, a loan moratorium on principal payment for existing loans, increase in credit card limit and waived stop payment and uncleared effects fees.
Small and Medium Enterprises (SMEs) will have access to increased single digit interest rate loan funding available with limited collateral from J$3.4 billion to J$20 billion JMD.
“We have reduced the interest rate to 6.5 per cent on these JMD facilities. SMEs availing of these facilities will benefit from a moratorium on principal payments of up to six months. SME customers may also access up to $5 million under our Merchant Advance and Quick Biz facilities at reduced interest rates. Interested customers should call or e-mail their Relationship Manager or Branch Manager,” Blake said.
In furthering its assistance, the bank said customers may request credit card limit increases by calling or emailing their business banker or branch manager.
Moreover, the first monthly fee will be waived for customers who sign up for our mobile point-of-sale machine to minimise cash transactions by accepting payments via their smartphone or tablet.
“SMEs interested in private equity, or in the process of going public, may benefit from a $1 billion JMD pool of capital established by NCB Capital Markets Ltd to support alternative financing needs.”
Blake said “We continue to reach out to our customers in specific industries, such as tourism and distribution, that have been directly impacted by COVID-19, and are working to provide customised solutions to meet their needs.”