Letters to the Editor

Bank charges still too much!

Friday, August 03, 2018

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Dear Editor,

An alarm louder than that from Member of Parliament Fitz Jackson needs to be raised concerning bank charges. A free market economy cannot be seen as allowing unregulated banditry.

I have a checking account with a local bank (name withheld to protect the guilty for now) and have not drawn a cheque since April, yet I received a call a week ago from said bank telling me that my account is overdrawn by some $3,000.

I have no overdraft arrangement with the bank.

So, last week I transferred $3,500 to the account and did a balance check at the ABM and saw a minus quantity of about $213.

Just now (Thursday morning, August 2) I got another call informing me that my checking account was overdrawn again. I tried to be polite and Christian but very firm with the bank representative who called, and told her that it was only a few days ago that I transferred money to the account.

Then the kind lady proceeded to inform me that there is a monthly service charge of about $800 whether I write a cheque or not! News to me.

Worse, the General Consumption Tax is computed on and added to the bank charges.

I told her that this is criminal and I am dead serious. What the hell is happening here?

I plan to close the account forthwith, but someone needs to educate folk like me about the justification for this permitted nefarious banking arrangement.

Are the declared fat bank profits not the fruit of crime? Just asking.

Rev Clinton Chisholm


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