Many of us set up accounts with the bank, and we keep it confidential. People have various reasons for doing so. For some of us, it is our little pension money or our little sickness money, and we want to keep it private. There are spouses who keep that money there, so when splitting up comes, there is something there to fall back on.
Eventually, some of us end up getting old, and dementia sets in. Some will migrate, and after many years, they will not remember that they have funds in the bank in Jamaica.
After a while, the bank will treat this as a dormant account. The bank might continue to levy charges on the account, and your funds are reduced over time.
After several years, the banks are required by law to post these dormant account balances in the newspapers. Can you imagine them posting your name as Michael Agustos Smellie when everybody knows you as Dutchie Head.
I believe that this is a scheme sanctioned by law to take away the people's funds. The funds do not belong to the banks nor to the state. The funds should go to the people's estate if they cannot be located.
I have publicly asked the banks to allow each client to add at least two names to their accounts as contacts. If anything happens to the owner of the account, then there are at least two other persons who can be contacted.
There is no interest in having this contact system implemented. I do not trust these financial institutions. Dem say you cannot put pus to guard butter. These dormant accounts represent plenty of butter in the banks. Can you imagine how many millions of dollars Jamaicans have lost over the years due to that cruel dormant account policy?
Please add your comments and express your support for banks to allow customers to add at least two contacts to their accounts. These names would be there for just one purpose, and that is to help the bank to locate the customer for the account. Let this be something that we ensure is changed for 2026.
Note:
I have been on this campaign for over 12 years.
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An account that isn't being used is a high risk account for frauds and forgeries internally and externally. A report is generated daily to highlight their balances and rhe period of time of non- use. Often times that's how fraudsters are caught because any movement in funds or reactivation triggers heightened audit and investigation. A comprehensive report is provided to the central Bank periodically. If no contact is made to account holder overtime then information is published with a view to claiming funds. Legally Banks are required to remit funds from dormant accounts to the central Bank. Funds can be claimed via commercial banks that formerly held accounts or based on the ruling of accountant general dept regarding persons who die intestate. I am sure all parties can do better with the protection and administration of such accounts. Banks benefit from those hefty balances and feel a little safer flagging such accounts as dormant thereby blocking easy access
ReplyDeleteNowadays they want the world and wife to sort that out while they work yuh money and make money.
ReplyDelete