Wed | Mar 21, 2018

Banks greedy

Published:Monday | May 30, 2016 | 12:00 AM


I am forced to highlight the outrageous interest rate that a banking conglomerate has unilaterally imposed on the Jamaican clientele.

Would you dare to believe that credit card interest rate ranges between 47 and 50 per cent per annum? In addition to this, there is a hefty charge for a few days' late payment plus an unconscionable annual renewal fee?

I think it is imperative for the Government to immediately take steps to address this anomaly in the banking sector. The banks are fleecing the poor, who constitute the bulk of their clients, to create unreasonable wealth for the economically privileged.

There must be a rational relationship between interest rate paid to depositors, who are the real owners of the banks, and the interest rates charged by them.

I am, therefore, calling on the Government to immediately find an amicable solution to this chronic and pervasive problem.