Can The Retired And Elderly Trust Our Banks And Financial Institutions?

This is no joke. Neither is it hearsay. Talking from experience both personal and that from other seniors. If you thought scamming ended with #FINSAC, #Cash Plus, #Olint,  #Worldwise, or the #lotto scammers plaguing the elderly whose mental capacity has diminished or challenged with age, think again.  There is no protection from these official financial institutions nor is there any from the lotto online scammers who too have perfected their craft to snatch your hard-earned cash through their lotto scams.. 

The banks and insurance companies, though have brought new meaning to the words.. mistrust and suspicion  '.

Let's start with the insurance companies...Recently a letter was emailed to me advising that my 'investment policy is at HIGH RISK  of being terminated and that I should contact my agent. The name of my financial advisor was given. Needless to say, I never heard of her before. The explanation given is that having reviewed my policy, my current and projected fund values are insufficient to maintain the sum insured beyond the next policy anniversary. Reasons given are significant changes in the economic conditions such as interest rates or withdrawal from the policy. Options are given to decrease the sum insured, increase the premium and or change the death benefit. Long story short...if you do not choose one of their options before the next policy anniversary.. your coverage will terminate. We are talking about an investment policy taken out from the '90s. But hear the options. 

They will lower your coverage by thousands of dollars with a much smaller coverage..Option 2, they maintain the coverage at the same value, and your monthly premiums are increased from $900 a month to over $3k a month!!. Now you tell me!! And if you withdraw any funds from this ' investment' policy it may result in the need for future reviews. Tell me this is not a scam.

The same was experienced with another  Life insurance company that took over policies from Crown Eagle, Mutual Life, and all the other insurance companies that went down in the financial meltdown of the '90s.. When you check it out all the investments made in insurance back then, are not even worth the paper which makes up the policy contracts today. Policies that have matured are paid over to you in parts if you decide to cash them in. Otherwise, the funds sit there until you pass not gathering any interest while they have your money. And upon your passing, the funds which have not accumulated in any way, are paid over to your beneficiary. Remember now, you were promised benefits from them investing your funds in their various policyholder segregated funds, . Now you hear that units are canceled to cover administrative and mortality expenses. What the hell is that supposed to mean?. I guess the same as bank charges.

Upon investigation,  the insurance company sends you to deal with #FINSAC, on the investment portion of your policy, when you never had any dealings with #FINSAC in the first place and the clerk has no idea of where FINSAC is even located nor does he really know what #FINSAC is all about..it being established before he was born.. 

As for the banking sector, there goes another situation in which the elderly and seniors continue to be ripped off while we hear whispers that the PNP's Fitz Jackson claims he will continue to explore the legality of the charges being cast upon bank customers. Where is the outcry? Why are customers being charged for collecting funds from overseas when the sender is already paying to send the money and the receiver must also turn around and pay for receiving the funds? Who is representing the interest of the consumers? 

Meanwhile, all these bank owners are making billions in profits so much so they can have superyacht worth billions of dollars custom-designed for themselves at the expense and exploitation of thousands of poor black people in this country.. Customers are having charges taken from their account for just having their money in the bank under the guise of 'bank charges'.

Who do you turn to as you watch your savings and so-called investments being literally taken from your account each month? 

Coupled with all of these rip-offs utility charges, and all the necessities of life continue to escalate and there's not a damn thing you can do about it .  The government through the OUR and their other agencies continues the exploitation of these inefficient monopolies and the politicians continue to rape the public purse walking away with millions in compensation.. 

Consultants who have not lifted a finger before and during COVID are collecting millions of taxpayers' money for doing nothing and the government believes they can just dissolve a board of incompetent administrators, just like that..each having benefitted from securing contracts based on their 'links'!

You thought you could retire and let your money work for you?. Well, you better wheel and come again. Back to the plantation till the day, you transition it looks like.. or join the 90 percent of the masses who continue to live in poverty in this country !...

Lois Grant

Editor's Note: We have to ensure that we check our bank balances regular because  persons have complained to me about funds being missing from their accounts. Ensure that you give your bank your email address, so that you will be advised when a transaction takes place on your account (This is something that I have lobbied for for years).

Use the bank App on your phone to set limits, to control how much can be withdrawn from your account and also block transactions from taking place if you do not intend to access your account for an extended period.

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Ms Lois Grant- JP, MA, BA. Dip Mass Comm, Cert. Broadcast Journalism BBC-London. Lois Grant's involvement in the communications and creative industry saw her moving from JBC news to head of Public Relations, at the now-defunct Grimax Advertising. She then went  in partnership with the creation of the  Promotions/Production agency.. Innercity  Promotions.  Innercity was responsible for the creation of the live dance hall series of concerts at the Harbour View and New Kingston Drive-in cinemas.. firsts in the history of entertainment in Jamaica. At the start of the 90's Grant formed her own agency under the banner..Corporate Image Communications and Productions. She stood out as a trailblazer in developing several innovative events as well as programmes for corporate brands such as  Tastee Limited,  Jamaica National Building Society, City of Kingston Cooperative Credit Union, and various government agencies. Looking back Grant notes that she has played her role in changing the political landscape of three Caribbean islands, including Jamaica. Her last assignment before taking early retirement saw her as the Director of Communications in the Office of the Prime Minister from 2007-early 2013..