NCB launches new debit card

Customers of the National Commercial Bank (NCB) must surely be rejoicing as the bank introduced its new international debit card to the public at a launch held at the Peace Memorial Hall on Wednesday, July 29.{{more}}

Cheryl Rodriguez, Marketing and Public Relations Officer, in opening remarks, noted the “unprecedented” changes in the financial world and the resulting shift in the global financial system. Rodriguez explained that this debit card is one of the many ways in which the bank is adapting to retain its customers and attract new ones. “Banks have to work harder to maintain their market share… The National Commercial Bank is aware of these challenges… and is making every effort to meet the needs of its customers and potential customers.”

Alana McMaster, Senior Supervisor (Card Services), provided a brief overview of the debit card and its benefits. She described it as “a convenient way of accessing funds from your savings and chequing accounts, anytime as needed… You will be using your own funds.”

McMaster assured that transactions using the debit card will be safe and secure, as the bank has implemented a fraud monitoring system. The card can be used to make online purchases, and there is no need for traveler’s cheques or cash when traveling as it can be used at all ATMs and businesses abroad which accept the VISA brand. Locally, the debit card can be used at ATMs of other banks, supermarkets, restaurants and other business places that support debit card purchases. More interestingly, it provides a cheap, alternative way to send money to relatives overseas – especially students.

There will be some fees associated card usage, including an annual $15 fee, $8 service charge for ATM withdrawals at machines other than those belonging to the NCB, and $1 point of sale service charge.

In his address, Deputy Chief Executive Officer Derry Williams revealed that the debit card has been in development for the past 2 years, at a cost in excess of $400,000. “The overall objective is that we reduce the need to carry cash. We must appreciate the risks [of carrying cash]… especially in these changing times.”

Williams further announced that the NCB’s strategy now includes acquiring and distributing a substantial number of Point of Sale terminals at various businesses across the country, and that they envisage spending up to $500,000 in doing so. He rounded off by expressing a deep gratitude on behalf of the Board of Directors and Management to all those who have contributed to making the debit card a reality.

One customer shared her delight at the introduction of the debit card. “This is fantastic! It’s so much easier to monitor your spending when you use a debit card. Plus, unlike the credit card,

I will be spending my own money. Having a debit card is safer because should your card be stolen, you can quickly cancel the card with the bank and prevent money loss. When your cash is stolen, who will give it back to you?”

Applications can be obtained and will be processed at any NCB branch. Gamal “Skinny Fabulous” Doyle was present to entertain the audience with the jingle “The card let go”, which will be used to advertise the card on the airwaves.

NCB also took the opportunity to introduce model Joanna Jack, who is the new face of the international debit card.