MP Fitz Jackson calls on banks to cut salaries instead of raising or imposing bank fees
There is a suggestion for commercial banks to cut the salaries of specific employees to meet operational expenses, instead of raising or imposing new bank fees.
Member of parliament for St. Catherine southern, Fitz Jackson made the recommendation at a press conference held this morning (July 26).
There has been an ongoing debate about high banks fees.
Mr. Jackson has filed a lawsuit, seeking a declaratory judgement on the legality of the charging of fees on a cheque encashment by the Bank of Nova Scotia.
He said he has had a long battle with banks over exorbitant bank fees.
While several banks have argued that the fees cover operational expenses, Mr. Jackson countered that banks lend depositors’ money, not their own.
He said, like other companies, financial institutions can cut the salaries of some employees or implement other methods to gain funds for operational costs, rather than unethically imposing fees on customers.