When I was growing up, my parents instilled in me the value of saving. In those days, if my memory serves me right, there were two major commercial banks, Barclays and Nova Scotia, and the Govern-ment Savings Bank (GSB).

Value of savings

The major banks had branches in the parish capitals and the GSB encouraged saving by a unique arrangement with the post offices (PO). To start an account in the GSB, all you needed to do was request a card at the PO, then purchase and affix postage stamps in the appropriate slots.

One could start an account with as little as one penny. When your savings totalled £1, you qualified for a 'bank book'.

As I matured, I was able to understand the value of savings to the national economy and its impact on the gross domestic product, and when I started a family, I passed on the same message to my children.

Opening an account

I tried to do the same with people employed to me, both at home and in business. But it always came as a shock to me how difficult it was because of the bureaucracy involved for the lower-income group to open a saving account in any bank.

This, to me, approached the ludicrous when I tried to do a simple investment transaction with a bank with which I have been associated for over 50 years and in whose custody money I wished to invest had been for years.

After all these years, I needed to be 'referred' and this referral had to be authenticated by a Justice of the Peace. Plus, I needed to provide a utility bill and my TRN.

I enquired of the charming lady who attended to me why the banks were not more customer-friendly and did not relax the rules to encourage more savings and investments.

She advised that it was not the bank's doing, but an edict from the Financial Services Commission.

SOME exemptions

The commission, I am sure, must have a reason for all these regulations, but what impact is it having on national savings? Could there not be exemptions for certain categories of clients e.g., long-established clients?

And what of the many thousands in less fortunate circumstances who are anxious to make a start in life?

Are their savings not important to the national goal?

I am, etc.,

H.W. SHARP

farms@cwjamaica.com