High cost of banking inconvenience

THE EDITOR, Madam:

I write to bring urgent attention to the growing cost of inconvenience and lost productivity caused by persistent lapses in the banking sector – an issue I have experienced first-hand.

Last year December, my business account at a major commercial bank was compromised, resulting in a loss of over J$ 83,000. I was informed that the investigation process would take up to 45 days. That meant 45 days without access to funds critical to my business operations. While the money was eventually refunded, the disruption to my productivity and financial obligations was significant.

Disturbingly, this was not an isolated incident. This month, my business account was again targeted, with over US$120 fraudulently deducted. Shortly after, I began receiving alerts that my personal account at the same institution had also been compromised. When I visited the branch, I was told I could not even formally report the matter until the funds were fully removed – effectively rendering my money unusable while I await another lengthy investigation process.

Compounding this experience, I attempted to deposit J$111,500 at another commercial bank, only for the machine to take the funds without issuing a receipt. My efforts to resolve the matter were met with inefficiency and a lack of basic customer care. After multiple visits, I was told it would take an additional three to five business days to access my own money.

These experiences highlight a troubling reality: customers are expected to absorb the cost of institutional inefficiencies. Businesses cannot function on uncertainty, nor can individuals meet obligations when their funds are inaccessible.

The banking sector must do better. Efficiency, security, and respect for customers’ time are obligations.

KIMBERLEY THOMPSON