THE EDITOR, Sir:
ON JANUARY 1, 2002 Scotiabank instituted a horrifying new fee structure which levies a charge on savings account deposits and withdrawals.
I want to explain a few things. Banks are in the business of lending money. I am too. When I maintain a savings account, I lend the bank my money and in return I am paid interest.
Jamaica has a free market economy, which means I am free to take my money to the financial institution offering the best package. Therefore, when it comes to my savings account, the bank is my customer. I am not theirs. Under no circumstances should anyone be asked to pay a bank in order to deposit money in their savings account.
Jamaicans have physical freedom, but are constantly threatened by financial slavery imposed on us by the banking sector. Instead of improving their services they set out to gain huge profits with ridiculous charges. It must be the less work equals more money philosophy which was once considered a dishonourable way to do business.
Scotiabank's slogan is "You're safe with us...". Who is safe from being charged for every withdrawal and DEPOSIT? Is it the struggling householder? The elderly? The widow? The child who carefully saves his gifts and earnings from odd jobs? How much safer will we become when Scotiabank decides to increase the amount of these new charges?
Several account holders have voiced their distress. No one seems to be listening. Fortunately, there are other ways and other places where we can keep our money safe. We should let our money do the talking and our feet do the walking. Depositors fight back! Say no to bank charges on savings.
I am etc.,
KERRI MARR
jaguarsd1@hotmail.com
Via Go-Jamaica
