Banking woes

THE EDITOR, Sir:

I deposited J$200,000 in investment, with a guaranteed interested of 4.5 per cent, in 2016 in a local bank. I live abroad for the past 51 years, and don’t always get to keep up with the investment.Recently, I went in the bank to see how my investment was doing. I should note that at the time of signing, I was told I am eligible for accident life insurance, totalling J$300,000.Well, to my dismay, the ‘free’ life insurance was costing me J$3,500 monthly.

They depleted my savings account of almost $30,000, then turned to the principal to pay the $3,500 monthly, which has dwindled down to $167,000.The interest on my initial investment amounts to about J$1,000 a month.How could it make any sense for the bank to con clients into paying $3,500 a month for insurance (something I don’t need and never wanted).When is the Government going to rein in this kind of predatory practice by the banks?Mr Fitz Jackson, we need you to keep up the pressure on the Government.

CHARLES R