Dormancy fees unconscionable
Published:Sunday | November 4, 2018 | 12:00 AM
THE EDITOR, Sir:
I would like to congratulate Fitz Jackson on his article dealing with dormant bank accounts and the fees to which account holders are subjected in Jamaica.
It is unbelievable that the banks imposed $40 billion in fees last year and are planning to increase this by 25 per cent to $50 billion this year.
The banks are in business and are expected to make a reasonable return on their investment. It is greedy and ridiculous for financial institutions to garner this amount of income from so-called dormant accounts.
Chequing accounts should be allowed more time before they are branded 'dormant' and people's money confiscated.
I would like to wish Mr Jackson good luck in getting this bill enacted by Parliament to bring some measure of relief to the banking public.
CLIVE HUDSON