Ministry racks up bank penalties on accounts
The Auditor General's Depart-ment has called attention to the Ministry of Economic Growth and Job Creation's failure to exercise proper control over its bank accounts.
This resulted in banks imposing penalties and charges amounting to $44,051.
Auditor General Pamela Monroe Ellis has urged the ministry to recover the sums in bank fees from the culpable officer(s) where the charges were negligently incurred.
In her Annual Audit Report, Monroe Ellis noted that the bank penalties and charges arose from an overdraft on one of its accounts and the imposition of dormant fee due to the non-funding of an account six months after it was opened. Further, there was a return cheque fee, owing to the ministry's failure to advise the bank of a change to the signatories on one of its accounts.
The auditor general has reported that the ministry informed her department that the reconciliation for the bank accounts mentioned was brought up to date. However, the late reconciliation resulted in the bank imposing fees and charges for overdrawn balances.
In her recommendation, Monroe Ellis said that the ministry should implement proper cash-management practices to manage bank accounts in order to avoid bank charges.