Snobbish Scotiabank
Published:Monday | June 14, 2010 | 12:00 AM
THE EDITOR, Sir:
Like many Jamaicans, I grew up on the precepts that 'every mickle makes a muckle' and that 'one-one cocoa full basket'. Every lesson I have heard about saving, taught me that putting away a small bit with each pay cheque, or as often as possible, will one day lead to substantial amounts. Why then is Scotiabank undermining an invaluable cultural lesson and punishing those of us who only have mickles and singular cocoas?
As of June, Scotiabank began to charge a penalty on the accounts of persons who maintain a balance below $5,000. Imagine the person who wants to start saving and can only manage $1,000 per month. How many steps back will Scotia put them, before they are able to move forward to achieving a minimum of $5,000, let alone getting their deposits up to an amount where they can earn meaningful interest?
The messages I am getting from this move by Scotiabank are:
- Save your money under your bed and come to us only when you reach $5,000!
- We are not interested in you until you can save $5,000!
- We only want people who can easily manage to deposit and maintain $5,000!
- People who cannot maintain $5,000 are a liability to the bank!
Whatever the reason, it's bad enough that Scotiabank rewards pittance in interest on savings accounts, but to also turn around and penalise persons for wanting to saving their pittances is just tantamount to extortion.
I recently got a gift of $25,000 and happily went to the Scotia branch on which the cheque was drawn in order to cash it. While at the teller, I, despite needing all the money, convinced myself to put aside $2000 with a view to keeping up that practice from whatever revenue I managed to get. I was shocked when the teller advised me of the penalty. I of course withheld my $2,000.
Snobbish and insensitive
My grandparents and parents have held Scotia accounts. In fact, I inherited my account from my mother, and that account has been through many cycles over the years. I have, at different stages of my life, saved hundreds of thousands of dollars, and I will one day be able to do so again. Is Scotia not willing to walk with me on that journey?
Scotia, this new rule is snobbish and insensitive!
I am, etc.,
Rohane Riguer