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Business
J'can bank charges and practices under investigation
Friday, September 03, 2010
THE Governor of the Bank of Jamaica is to conduct a study on bank charges. Finance Minister Audley Shaw said the investigation will also look at best practices, to compare fees imposed on bank customers in Jamaica, to those across the region, as well as internationally.
The study was ordered following reports of banks charging customers to make deposits, which Shaw described as "quite ludicrous."
"But of course, the bank charges is only one side of it. The overall interest rate structure is the other side of it. When treasury bills go up, the banks adjust it within a matter of days if not hours, and when treasury bills go down, and are sustainably going down, there is a certain sluggishness there that is challengeable," he said.
In light of this, he advised the institutions to "look at a swifter pace of reduction, so that the purposes for which commercial banking were invented can be achieved - to be the locomotive to drive a market economy that is based on increased productive capacity and earnings."
Meantime, Shaw has called on commercial banks to be the driving force behind the growth of the entrepreneurial sector in the country.
He says small businesses want to invest, but the commercial banking sector "has to be the mainframe behind how we can get that investment going".
Shaw said banks could assist entrepreneurs by "knocking on doors" and suggesting that business owners develop proper plans.
"Maybe banks could set up a little window....have an incubator section in the bank that they help to perfect business plans," he said.
 
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9/3/2010
Start with those institutions that got bailouts FIRST !!!
Check out the credit card thing without delay!!!
Up to 4% per month from the cardholder PLUS 3% per transaction from the merchant.
How can a bank boast that 48% of its profits come from fees and charges as opposed to interest income? Shame!
Kerron, you are so right. Worse it can take days for you to get the statement. depending on who needs the statement, you can print it yourself.
9/3/2010
Long Overdue. This is what Government should be doing. Ensuring that the rich don't continue to oppress the poor. I have an argument with my bank coming up but i will leave it there.
9/3/2010
I have long been suspicious of banking practices in Jamaica. Issues like paying how many thousands of dollars for a bank statement that is FREE in any developed country. At a key stroke at a computer the statement is printed yet it cost thousands.
Jamaicans getting _____ every which way!
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