Dear Editor,
In response to the story headlined 'House committee denounces high bank charges' published in yesterday's edition of the Jamaica Observer, this is not the first time that a minister of government or a member of parliament has denounced these charges.
Denunciation is too little, too late and smacks of political cowardice.
High charges do not sum up the financial profligacy of the Jamaican banking institutions.
A few years ago, I sent a money order to a co-operative bank for deposit to my account. The bank returned the money order and stated that it did not accept money orders.
I visited the bank and attempted to withdraw a portion of my savings. At the same time, I tried to deposit a personal cheque. The bank refused to let me withdraw the sum that I needed, although the sum I needed had no bearing on the cheque I wanted to deposit.
I was angry and closed the account. Needless to say, I was charged a significant sum as penalty for closing the account.
In late November 2014, I mailed a cheque dated December 1 to my bank in Jamaica. My US bank records show that the funds were taken from my account on December 10, 2014.
Death in my family forced me to come to Jamaica on January 2, 2015. On January 10, I could only withdraw funds that were available since July 2014. On January 12, I visited the bank and was told that I could not draw on the funds until January 19, supposedly 35 days after my deposit. By my calculation, January 19 would make it 40 days after the cheque cleared my US bank. (Dec 10 - Jan 19).
Imagine the many thousands of depositors whose funds are being "cashnapped" by our financial institutions!
Please note that at the time, I had men engaged in work on my property. I was forced to abort some of this work and the workers lost out on earning needed incomes.
Banks are stifling economic activity and are egregiously profiting from the hard work of others. They then build large and impressive edifices and show fat black bottom lines.
One role of government is to protect its citizens.
Louis Alexander Hemans
Hyattsville,
MD USA
Denunciation of bank charges really political cowardice
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In response to the story headlined 'House committee denounces high bank charges' published in yesterday's edition of the Jamaica Observer, this is not the first time that a minister of government or a member of parliament has denounced these charges.
Denunciation is too little, too late and smacks of political cowardice.
High charges do not sum up the financial profligacy of the Jamaican banking institutions.
A few years ago, I sent a money order to a co-operative bank for deposit to my account. The bank returned the money order and stated that it did not accept money orders.
I visited the bank and attempted to withdraw a portion of my savings. At the same time, I tried to deposit a personal cheque. The bank refused to let me withdraw the sum that I needed, although the sum I needed had no bearing on the cheque I wanted to deposit.
I was angry and closed the account. Needless to say, I was charged a significant sum as penalty for closing the account.
In late November 2014, I mailed a cheque dated December 1 to my bank in Jamaica. My US bank records show that the funds were taken from my account on December 10, 2014.
Death in my family forced me to come to Jamaica on January 2, 2015. On January 10, I could only withdraw funds that were available since July 2014. On January 12, I visited the bank and was told that I could not draw on the funds until January 19, supposedly 35 days after my deposit. By my calculation, January 19 would make it 40 days after the cheque cleared my US bank. (Dec 10 - Jan 19).
Imagine the many thousands of depositors whose funds are being "cashnapped" by our financial institutions!
Please note that at the time, I had men engaged in work on my property. I was forced to abort some of this work and the workers lost out on earning needed incomes.
Banks are stifling economic activity and are egregiously profiting from the hard work of others. They then build large and impressive edifices and show fat black bottom lines.
One role of government is to protect its citizens.
Louis Alexander Hemans
Hyattsville,
MD USA
Denunciation of bank charges really political cowardice
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