Ja banking cartels

THE EDITOR, Sir:

THE LETTER of December 12, 2018 (‘Scotiabank withdrawal fee excessive’) inferred that the operation of banks in Jamaica are no different from the Mafia in The Godfather movie. These banks are known for charging their clients various fees unknown to the public, with many charges imposed like Nicodemus in the night.

Only recently, I was in discussion with a British expatriate colleague who transfers funds monthly back home through Scotiabank (BNS). He was bitterly complaining about the various fees applied to his transfer by these ‘cartel banks’. Even though the bank fee in the UK is deducted from his account there, the bank in Jamaica still applies various charges other than their commission to the monies deposited in his account. These fees include the following: branch search fee, search fee tax and WT GCT. Though BNS provided him with a Swift Code to complete the direct wire transfer, they still charge a ‘search fee’, as if the funds transferred was ‘lost’. It is just clear that many of these Nicodemus charges being imposed on customers by the banks are unjust, hence the reason why our grandmas used to hide monies in their bosom and underneath their mattresses. These banks are like ‘pirates of the Caribbean’ that enjoy wide interest rate spreads, while reaping rewards from doing very little.

Where is our parliamentarian, Mr Jackson, who was championing the cause for the public? Wake up, Mr Jackson, we need to hear you again on the topic of banking fees.

RBP