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Consumers are concerned about the security of their funds in the commercial banks, and it is in the interest of the central bank to find out why clients' funds disappear.
Bark Di Trute sent the following message to the Bank of Jamaica officer:
I appreciate the information, but I'm more interested in what the Bank of Jamaica will do about the issues we have with commercial banks. The matter of customers being required to sign a document agreeing not to discuss a resolved matter happened many years ago, and I would not be able to locate those persons now.
The following are the concerns that I would like to see addressed:
Banks should let customers add at least two contacts to their accounts so the bank can get help if they can't reach the customer. The contacts would have no other authority. This could solve your dormant account problem.
All cases of funds missing from someone's account should be reported to the central bank and also the police.
Customers should be made aware of such findings of missing funds unless it is confidential and would jeopardize further investigations.
All dormant funds after a certain number of years should go to the customer's estate.
The banks should require the PIN for all uses of credit and debit cards and not allow a person to just tap the cashier machine. If someone finds the card, then they can tap away.
All withdrawals and payments using a credit or debit card should require cell phone or email confirmation.
Customers should not be told that the bank cannot investigate missing funds beyond a certain number of days. Such a policy will encourage individuals to tamper with accounts that are not used regularly.
A bank is a place where customers should feel comfortable to leave their funds until they die and the funds go to their estate. During this time, interest must be paid on the balance.
Charges for all transactions should not only be posted in the bank but also in the ABM. These charges should be printed on the customer's receipt.
ABMs should be upgraded to allow facial recognition before transactions are allowed.
ABMs should have an alarm code for customers to enter if they are being forced to withdraw funds from their accounts.
Customers should be able to set daily withdrawal and spending limits on their accounts, and they should be able to stop transactions using a cellular phone application.
These are some of the things that the central bank should work to achieve for all commercial banks. Security will continue to be a major challenge if we are not one step ahead of the criminals.
Thanks and all the best.
A few people have said to me that some of the culprits are bank workers, and that is why they make it difficult for customers to know what is happening with their accounts.
Monitor your bank accounts.
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He who has economic power has real political power.
ReplyDeleteThe masses to have any impact must become aware of the banks scamming them and want to do something about it.
A Barke di Trute revolution has begun in earnest.
I endorse everything you said Mr Derby, I personally have lost confidence in our banking system and I’m sure the majority if not all customers feel that way, they need to address the issues to protect our funds and stop pussyfooting around the situation!!
ReplyDeleteThank you Mr. Derby, the banks want to absolve themselves of any and all responsibility however they gladly take our money. In your next letter to the banking authorities kindly make the point that there should be no charge on a dormant account!! Imagine, they have free access to earn with the funds in a dormant account and have the gall to be withdrawing fees on a regular basis on said account! Something is very wrong with that system!
ReplyDeleteAlso, the banks have herded us to ‘line up’ OUTSIDE their establishment to access their atms, we are not welcome to do any business on the inside and we are expected to secure our cash while in the line, secure our transactions, ensure our own safety in getting to their carpark area, ensure our online security. . . Remind me of their purpose again!?!?!
Good job Mr. Derby, thank you, please stick on them like ‘white on rice’.
Good to see a few people speaking out. This must become a big issue so that our leaders will jump on it. You are right; how can you have charges on a so-called 'dormant' account? This sounds like scamming. WhatsApp information about those banks that tax your dormant account to, 876 816-5261.
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