JamClear® Transaction Fee Advisory
The public is advised that the customer fee for transactions done in the JamClear® Real Time Gross Settlement System (RTGS) was reinstated by Bank of Jamaica effective 2 May 2022. The current fee is $30.00 per transaction.
This fee, which represents the costs associated with maintaining the RTGS, was $100 prior to the COVID-19 pandemic. It was waived for approximately two years, between March 2020 and April 2022, during the height of the COVID-19 pandemic, to encourage the use of electronic means of payment. The waiver was removed as the country returned to normalcy following the lifting of COVID-19-related restrictions.
Any charge to customers in excess of $30.00 is therefore directly related to the relevant financial institution’s processing fees.
