NCB announces assistance for customers impacted by COVID-19

The National Commercial Bank has announced assistance for customers impacted by the coronavirus (COVID-19).

“We recognise that during this time, customers will still need access to money and may be concerned about their financial wellbeing. We are committed to guiding customers through these challenging times, and are working to make accessing financial services as easy as possible,” the bank said.

NCB said it can appreciate that persons may incur unplanned expenses and face unexpected difficulties at this time, therefore, the bank has temporarily waived the following:

  • Penalty interest for late loan payments
  • Breakage fees for fixed deposits
  • Partial withdrawal fees for insurance policies
  • Late payment fees for credit cards (which will also apply to credit card balances generated between April 5 – 26, 2020).

Personal Customers

  • Customers may request a payment holiday on their unsecured, auto and mortgage loan facilities by emailing ncbcovidassist@jncb.com. Customers are asked to provide their full name, TRN, and branch where the loan was originated in the email.
  • NCB has approved a Pay Advance facility for over 100,000 customers. This one-month loan facility helps support customers’ urgent cash flow needs. The bank will waive the loan fee for first time Pay Advance customers. Customers can check to see if they have been pre-approved for the facility by visiting loans.jncb.com and clicking Check Offer.
  • Minimum balance fees on deposit accounts will be waived for all customers who sign up for online banking. Customers may sign up for online banking on the NCB Mobile App available in the Google Play and Apple stores. NCB continues to encourage customers to minimize their exposure by using its digital and electronic channels and reducing the need to visit branches. Many of the bank’s branch services are available online and through 1-888-NCBFIRST. Where cash is absolutely necessary, it is available through ABMs.

Corporate & Commercial Customers

Corporate customers are encouraged to reach out to their Relationship Manager via phone or email. According to the bank, they are ready to support customers with options that best suit their needs. These may include:

  • Additional working capital support
  • Loan moratorium on principal payment for existing loans
  • Increase in credit card limit

Stop payment and uncleared effects fees will be temporarily waived for all corporate and commercial clients.

Small and Medium Enterprises

  • The bank has increased the pool of single-digit interest rate loan funding available to SMEs with limited collateral from $3.4 billion to $20 billion JMD. It has reduced the interest rate to 6.5% 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 the bank’s Merchant Advance and Quick Biz facilities at reduced interest rates. Interested customers should call or e-mail their Relationship Manager or Branch Manager.
  • Customers may request credit card limit increases by calling or emailing their Business Banker or Branch Manager.
  • The first monthly fee will be waived for customers who sign up for the bank’s mobile point-of-sale machine (mPOS). This will assist with minimising cash transactions by accepting payments via smartphone or tablet. You can www.jncb.com/mpos to sign up. 
  • 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.