It was great news to hear that at least one financial institution, the JMMB, allows customers to add contacts to their accounts. This means that if the institution cannot contact the customer, the institution can contact the persons listed as contacts on the account. Those persons could then assist the financial institution with contact information for the customer.
Jamaicans have lost possible billions over the years because their funds remain dormant in the banks beyond the stipulated period. This happens when the banks are unable to make contact with the customers. If there is no activity on your account, the financial institution will classify it as dormant. I have been informed that some institutions will charge their customers for these accounts!
The dormant account concept robs consumers of their hard-earned cash.
The following are some of the reasons for accounts becoming dormant:
- Death.
- Migration.
- Illness such as dementia.
- The customer's contact information changes.
- The customer is no longer in touch with the financial institution.
Customers should be able to add persons as contacts to their accounts. Customers should also be able to add beneficiaries to those bank accounts. This would work well, especially in cases where there are no wills.
Click the icon below to listen to part of a conversation I had with banker Dr Karen Powell.
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I have a dormant account at JN but by the time they send me around the mulberry bush of bureaucracy I become so frustrated I just stop.
ReplyDeleteI will start over soon as I need every cent.
That is great news👹
ReplyDeleteGood news! Advocacy by and for the customer to improve the customer experience and benefits will eventually bring about positive results. Hopefully there is ease of access for customers in a secure manner to change the contact information as the customer deems fit.
ReplyDeleteThis should not be difficult to do. We need to update the customer portal to offer far more services to the customer. This suggestion has been made many years ago. The support from customers is very low so organizations believe that it is not important.
DeleteI support this move wholeheartedly , it gives customers more sense of comfort knowing that if their main contact number is lost or stolen there is an another way for contact to be made . I will welcome for us customers to say to the bank associations that we need this policy to change to ensure every single account has a beneficiary on it.
ReplyDeleteThis is a very good
ReplyDeleteYes. Customers should be able to add beneficiaries to their Bank accounts and accounts held in all other financial institutions.
ReplyDeleteIt is really sad to know that we have a prime minister that wants to dictate and telling the Jamaican people that they should not have more than $100,000 in your position at any given times. Let me ask one question very important question. Million's of hard earned dollars are being taken out of our accounts every day. Do really expect our people to really have Trust in your banking system? Listen our leaders must very careful in what they are saying. Not because you are leader, it does not give you the right to say things to cause problems in our society. We need solutions. Thank God for Mr. Jackson who is championing the cause of the people. However; we need more to done for the people who are being rob by the banks. I wonder if them figure out why them now robbing the brink so often.
ReplyDeleteSounds good, hope the process is smooth. Because I can't understand how I'm entrusting you with my hard earned money yet I'm the one who has to provide all these credentials in order to get it done .
ReplyDeleteThis should have already been part of the process in all Business Institutions
ReplyDeleteLove that you are putting voice clips.. good move Vernon Derby. Good news too from JMMB.
ReplyDeleteThe addition of a voice clip was a good idea. Keep pressing on
ReplyDelete