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Mike Henry raps banks’ money transfer services

Thursday, June 05, 2014 | 7:26 AM    

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KINGSTON, Jamaica -- Opposition MP, Mike Henry (Central Clarendon), has questioned the withholding of foreign cheques and bank drafts by commercial banks for more than 21 days, before they are cleared.

Henry, who was speaking in the sectoral debate in Parliament Tuesday, suggested that the issue should be included in current discussion on banks fees by a parliamentary committee.

“Are we aware that commercial banks hold foreign cheques and bank drafts for 21 business days? When you add week-ends, it is a month. How can a small business survive?” Henry asked his colleagues in the House of Representatives.

“Yes, we can go the route of wire/telegraph transfers, but the sender has to pay an exorbitant fee to send it and the recipient pays an exorbitant fee to receive it. Whichever way you go you are disenfranchised,” Henry the owner of a publishing house said.

The House of Representatives’ Economy and Production Committee is currently looking at fees local commercial banks charge their customers.

Balford Henry

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