Tweet
Clearing foreign cheques
Monday, October 05, 2009
Dear Editor,
On September 23, I lodged a US cheque drawn on a US bank account in Chicago. Before leaving I asked the teller when the cheque would be cleared. She informed me that it would take approximately six weeks. I was surprised by the answer, knowing that technology has increased the efficiency of clearing cheques between banks.
Nevertheless, I left the bank and went home. That night I called my sister in Chicago who had written the cheque. I asked her to check her bank account and alert me the minute the account was debited. She promised to view her account online every day (a habit that she has had for a while), and call me when the cheque cleared.
On September 25, my sister informed me that a review of her bank account had verified that the cheque was cleared on September 24, one day after I lodged the cheque in Jamaica. After hearing the news I was "weak in the knees". Suffice to say, I have not slept well at night knowing that for years the financial institutions have been using people's ignorance to reap huge profits. I could now confirm my own theory that the banking system in Jamaica is nothing but a "racket". Clearly, there is little or no oversight into the fairness of banking operations and no regard to the rights of the ordinary defenceless citizens.
My outrage continues to grow as I count the number of days the bank will get to "turn over" my money for its own benefit as I suffer without the use of my money. I am pleading with the Fair Trading Commission and the relevant ministry to move quickly to bring some equity to the financial system. Too long have the citizens of this country been abused. For the love of all Jamaicans, keep us out of the hands of tyrants.
Peter James
Pj_ranks@yahoo.com
Monday, October 05, 2009
Dear Editor,
On September 23, I lodged a US cheque drawn on a US bank account in Chicago. Before leaving I asked the teller when the cheque would be cleared. She informed me that it would take approximately six weeks. I was surprised by the answer, knowing that technology has increased the efficiency of clearing cheques between banks.
Nevertheless, I left the bank and went home. That night I called my sister in Chicago who had written the cheque. I asked her to check her bank account and alert me the minute the account was debited. She promised to view her account online every day (a habit that she has had for a while), and call me when the cheque cleared.
On September 25, my sister informed me that a review of her bank account had verified that the cheque was cleared on September 24, one day after I lodged the cheque in Jamaica. After hearing the news I was "weak in the knees". Suffice to say, I have not slept well at night knowing that for years the financial institutions have been using people's ignorance to reap huge profits. I could now confirm my own theory that the banking system in Jamaica is nothing but a "racket". Clearly, there is little or no oversight into the fairness of banking operations and no regard to the rights of the ordinary defenceless citizens.
My outrage continues to grow as I count the number of days the bank will get to "turn over" my money for its own benefit as I suffer without the use of my money. I am pleading with the Fair Trading Commission and the relevant ministry to move quickly to bring some equity to the financial system. Too long have the citizens of this country been abused. For the love of all Jamaicans, keep us out of the hands of tyrants.
Peter James
Pj_ranks@yahoo.com