Wed | Dec 1, 2021

The poor will always be poor

Published:Wednesday | November 24, 2021 | 12:07 AM

THE EDITOR, Madam:

A bank within any society should be created with the aim of providing a safe haven for its account holders. It is with this in mind that the ordinary citizen takes the leap of faith to remove money from the mattress and place them in a bank, a secure place.

But when banks are now charging you for every bit of service, such as releasing your own motor vehicle title to you at the end of the loan, it is quite disturbing. Most persons apply for a loan because they are unable to finance their purchase in full. However, with loans come processing fees and interest which normally work out to quite a “nice” amount.

If you decide to close your loan early, you must also pay the interest portion for that month as well; whether the payment is due or not.

How ridiculous is it, that when you have no obligations to the bank, you are charged a fee to obtain what rightfully belongs to you? A fee of $3,250.00 to obtain your motor vehicle title, discharge of lien documents and a letter to your insurance company. Maybe I could understand if you were charged the cost of the paper and ink used for the three-page document and the cost of one carbonised paper for the discharge of lien, but this is nowhere close to $3,250.00.

It is extremely discouraging but the reality is we are living in a world where the banks keep the poor poor and the doctors keep the sick sick.

SHEREKA MARTIN