Story of the unbanked (business)

Letters to the Editor

Story of the unbanked (business)

Friday, May 22, 2020

Print this page Email A Friend!


Dear Editor,

I pen this letter to register my frustration and seek some advice on this matter.

On May 8, 2020 I went to National Commercial Bank (NCB), the Bay West Branch in Montego Bay, to open a business bank account. Bear in mind I have visited the same location twice to get the necessary information needed to open a business bank account. After doing my due diligence, I hoped that the process would have been seamless this time around. Unfortunately, this was not so. I was sent to an unprofessional business banker.

I waited one hour and 30 minutes before he came for my documents for review. Keep in mind prior arrangements had been made for a 9:00 am appointment. After waiting so long I was told that NCB doesn't open bank accounts for microlending businesses, because these businesses are considered their competitors.

I was left astonished, disappointed, and frustrated.

When I sought further clarity on the matter, the response was, “Sir, I don't see what in that you can't understand.”

I went on to ask him, “So where do other loan companies in Jamaica have bank accounts?” I was offered a short response, “Please go to Scotiabank.”

I was even more perturbed.

So I took my documents and went over to Scotiabank to be told the same thing — but in a more professional manner.

I am therefore asking the Bank of Jamaica, why any of our two major commercial banks can't open a business bank account for other financial institutions.

In addition, I would love to be advised on how to open a business account for my payday loan business.

 

Concerned business owner

fawmicrolending@gmail.com


Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at http://bit.ly/epaper-login


ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT