Have banks truly become the bane of people’s existence?
Dear Editor,
Banks in Jamaica have been criticised for their red tape and high fees, which can make it difficult for customers to set up accounts and access their funds.
The inefficiency of these institutions can also make it difficult for customers to receive fair interest rates on their deposits. Additionally, lack of financial literacy and clarity in the banking sector make it difficult for customers to understand the terms and conditions of their accounts.
One of the biggest concerns with banks in Jamaica is the high level of profit they generate while providing little in terms of benefits for customers. This is further compounded by the fact that bank CEOs often receive large salaries and bonuses, while customers are given low interest rates and little return on their investments.
Additionally, there have been several instances of internal scandals and fraud in the banking sector in Jamaica, which has led to a loss of trust among customers. This lack of moral authority in the sector further undermines trust in the banking system.
To compound the issues previously mentioned, banks in Jamaica have been criticised for their lack of customer service and user-unfriendly practices. Former Prime Minister Bruce Golding has spoken out against these issues, stating that banks in Jamaica are “user-unfriendly” and have become the bane of people’s existence. He specifically cited the lengthy wait times and lack of assistance that customers often experience when trying to access their accounts.
Furthermore, according to a survey conducted by the Bank of Jamaica in 2018, only 55 per cent of Jamaican adults had a bank account, indicating that many people are not able to access the services offered by banks due to the complexity and inaccessibility of the banking system. These problems are not only frustrating for individual customers, but they also hinder economic growth in the country. The lack of access to financial services makes it difficult for businesses to grow and for individuals to secure loans for education or housing.
Usury, or the charging of excessive interest rates, is considered morally wrong by many. In the Bible, usury is condemned as an unjust and exploitative practice. For example, Ezekiel 18:8 states, “And if you lend money to any of my people with you who is poor, you shall not be like a moneylender to him, and you shall not exact interest from him.” This verse suggests that charging interest on loans to those in need is considered unjust. I am not proposing the elimination of interest, but the rates and how the practice is exercised need to be reviewed in an ethical way.
Overall, it is clear that there are significant issues within the banking sector in Jamaica, including bureaucracy, high fees, inefficiency, low interest rates, and lack of transparency. Additionally, the high levels of profit generated by banks and the large salaries of bank CEOs, while customers receive little in return, further undermine the trust in the banking system. The concerns of usury, as mentioned in the Bible, also add to the moral questions on the banking sector in Jamaica.
Yannick Nesta Pessoa
yannickpessoa@gmail.com