IN JAMAICA: Banks Depleting Dormant Accounts......A parliamentary select committee on Tuesday demanded answers from the Bank of Jamaica (BOJ) about a raft of bank charges, including a $500 monthly fee for dormant accounts and charges for interim bank statements ranging from $1,800 to $2,200.

A parliamentary select committee on Tuesday demanded answers from the Bank of Jamaica (BOJ) about a raft of bank charges, including a $500 monthly fee for dormant accounts and charges for interim bank statements ranging from $1,800 to $2,200.

Fitz Jackson

Karl Samuda, chairman of the Economy and Production Committee, was concerned about small savers whose accounts might become dormant for unspecified reasons and which are gradually depleted by monthly charges.

"Not only have they made money on your deposit, but they have eliminated your deposit with a fee. The objective of encouraging savings is denied," Samuda told his colleagues during a committee meeting examining a private member's motion on bank fees.

"Where does the philosophy of the bank come into play as far as those charges are concerned? And what inconvenience to the bank is that sum of money in the account, which they obviously use to make money?" more