Scotia bows to public pressure

March 06, 2017
A specimen of a $5,000 note.

Scotiabank Jamaica has taken steps to remove a bank charge for exchanging a $5,000 note for smaller denominations.

The bank says the charge will now only apply to persons who want to exchange $20,000 or more.

Deputy Chief Executive Officer of Scotiabank Jamaica, David Noel said that the charge was never designed for retail customers.

Customers of the bank recently complained about paying a fee of $385 for exchanging $5,000 notes for smaller denominations.

Noel explained that there was a charge for cash-for-cash exchanges which could include the changing of a $5,000 note.