The Nature and Extent of Competition in the Commercial Banking Sector
This report summarizes the key results of our study into the nature and extent of competition in the commercial banking sector in Jamaica. The aim of the study is to assess whether any bank or group of banks could be hindering competition; and recommend measures to enhance competition in the sector. Particular focus is placed on fees charged on ancillary services offered by banks. These services include transactions relating to credit and debit cards, bill payment, wire transfer, manager’s cheque, standing order and chequing accounts. The study also covers charges relating to minimum balance violation, in-branch withdrawal, cash deposit and dormant account.