Dear Editor,
The banks in Jamaica all charge various fees for different transactions, and some amount of criticism has been hurled at them for this practice.
The leadership of some of those banks have publicly declared that it is imperative that the banks increase some of those fees because the overall expenses of banks have increased dramatically over the past few years, along with the fact that interest rates have fallen significantly in the country due to the implementation of the Jamaica Debt Exchanges 1 and 2. This is fact.
The banks have a cardinal responsibility to protect their shareholders' investment and that cannot be faulted in any way, shape or form. Plus, financial houses and banking institutions employ thousands of persons throughout the country and are immense contributors to the economy of the country.
Former Prime Minister Bruce Golding has articulated the germane fact that the fees which are being charged by the banks and other financial institutions are warranted and are needed. I concur with the former PM for he is spot on.
We have to be very realistic and practical and admit that the fact they are required. Banks are in business, and we need them to be paid for the services they offer.
Let me also take this opportunity to commend the newly appointed head of the Scotiabank Group, Ms J Sharpe. She will surely be an immense asset to this highly prestigious and successful banking group.
Robert Dalley
Montego Bay
robertdalley1@hotmail.com
The banking fees are warranted
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The banks in Jamaica all charge various fees for different transactions, and some amount of criticism has been hurled at them for this practice.
The leadership of some of those banks have publicly declared that it is imperative that the banks increase some of those fees because the overall expenses of banks have increased dramatically over the past few years, along with the fact that interest rates have fallen significantly in the country due to the implementation of the Jamaica Debt Exchanges 1 and 2. This is fact.
The banks have a cardinal responsibility to protect their shareholders' investment and that cannot be faulted in any way, shape or form. Plus, financial houses and banking institutions employ thousands of persons throughout the country and are immense contributors to the economy of the country.
Former Prime Minister Bruce Golding has articulated the germane fact that the fees which are being charged by the banks and other financial institutions are warranted and are needed. I concur with the former PM for he is spot on.
We have to be very realistic and practical and admit that the fact they are required. Banks are in business, and we need them to be paid for the services they offer.
Let me also take this opportunity to commend the newly appointed head of the Scotiabank Group, Ms J Sharpe. She will surely be an immense asset to this highly prestigious and successful banking group.
Robert Dalley
Montego Bay
robertdalley1@hotmail.com
The banking fees are warranted
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