Criticisms by Prime Minister Andrew Holness and Finance Minister Nigel Clarke of the decision of Banks to increase charges on the struggling Jamaican public are a day late and a dollar short.
In fact, it demonstrates that this government, like others before, lacks the true understanding of what it takes to protect the general public from rapacious hucksters like the banks operating in our country.
Local media reported that National Commercial Bank (NCB) and Scotiabank Jamaica recently informed the public of new service charges, with increased and reinstated fees that will take effect between January and March this year.
Among the egregious abuses, the banks are charging their customers to use their own ATMs, even though they graduated customers to use the ATMs as a way of clearing up lobby traffic.
Graduating customers to use their automated services saves them money as they do not require as many tellers to service their customers.
NCB charges $30.95 for customers withdrawing from the bank’s proprietary ATMs. This service was previously free. NCB customers using non-NCB ATMs will be charged $60, while it will cost $25 to make a balance inquiry in an ATM and $500 for the use of Visa debit cards at international ATMs.
On the other hand, Scotiabank will charge its customers, with effect from February 1st, $25 to withdraw from its own ATMs and $60 from other banks’ machines, with seniors paying a reduced charge of $31. Scotiabank will also charge customers $312 to withdraw from an international ATM. (The Observer reports).
I have been following this story with some interest for some time. It is fair to recognize Fitz Jackson, People’s National Party member of parliament who has been calling on the government to do something to protect the Jamaican people from the banks for some time.
The Prime Minister urged financial institutions to be cognizant of the difficulties Jamaicans are facing, especially during the novel coronavirus pandemic.
The Finance minister described the banks as tone-deaf. All well and good, but the people elected the government to protect them, not just from the rampaging gunmen wreaking terror on the nation, but from rapacious vultures like the banks charging fees to use their own ATMs.
As is the case with the violence, the government lacks the mettle to deal with the banking industry.
The continued incompetence of this administration to [legislate] has left the Jamaican people open to violent onslaughts from rampaging murderers and fleeced of the meager resources by the greedy banks.
The sitting government doesn’t need to beg or beseech the banking sector to do a damn thing. Banks operate in a country subservient to that country’s laws. The government owes the people strong laws protecting them from leeches and bloodsuckers like the banks. The government cannot continue to act like it has no tools to address this grave assault on the people as it sits on its hands while the murderers rampage, unafraid of consequences.
The administration must immediately pass laws dictating what the banks can and cannot do. If they do not like the laws, they can go elsewhere to do business.
I continue to make the case that we cannot run a county by begging when we should be legislating. Begging criminals to stop committing crimes. Begging Banks to stop increasing fees is lunacy. If the administration is unable to respond to the needs of the people, then it is time for it to go.
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Mike Beckles is a former Police Detective, businessman, freelance writer, black achiever honoree, and creator of the blog mikebeckles.com.