Why NHT blackout on VMBS?
THE EDITOR, Sir:
In The Gleaner of Saturday, August 16, the National Housing Trust (NHT) advised by a nameless writer that it would repay contributors only through commercial banks. The NHT is now a law unto itself and needs to be reconstituted.
I have a history of a casual worker who is seeking a refund of his contributions after 25 years. He had an experience with RBTT, now defunct, where he had an account with a balance of $818 in August 2010. He allowed his account to become inactive, and when he tried to activate the account, it had a nil balance as a result of service charges.
The contributor opened an account with VMBS in June 2015. The NHT is refusing to pay the refund contributions to VMBS, which has forced the contributor to reopen his account with Sagicor, RBTT's successor, in order to collect his refund.
Why is NHT refusing to pay refunds to VMBS? Is there a conspiracy to deny business to building societies because of their policy of no or low fees?
In our call for reparations, we should demand compensation from the commercial banks to cover the inordinate transaction fees on which we have to pay GCT.