MP wants BOJ summoned to parliament over huge losses by customers of banks

Member of Parliament for St Catherine South Fitz Jackson on Tuesday moved a motion in Gordon House calling for the Economy and Production Committee to convene a meeting with Bank of Jamaica (BOJ) officials to investigate huge losses to account holders at banks and other financial institutions.

Jackson wants the committee to summon the central bank officials to Parliament within the next 45 days.

He argued that a large and growing number of account holders at banks and other financial institutions have been experiencing substantial losses of nearly $1 billion from their accounts.

He raised concern that many account holders are experiencing difficulties in recovering their losses at banks and other financial institutions.

The lawmaker has for years challenged the financial institutions on the vexed issue of high banking fees.

In his resolution, Jackson said in many instances where reported losses or a percentage of the sums are returned to customers' accounts months later, the affected persons suffer hardships before they are reimbursed.

The Opposition lawmaker wants the meeting between the parliamentary committee and BOJ executives to examine what steps can be taken to mitigate the negative impact on account holders of licensees of the central bank.

His resolution has also called for the central bank to establish minimum service standards for the operations of automated teller machines, or their equivalent by its licensees, with accompanying sanctions, where none currently exist.

Jackson said banks and other financial institutions locally have sought to discourage and reduce services inside the banking halls and have been encouraging the use of automated teller machines, or their equivalent, outside their facilities.

He noted that many banks have elected to close several of their branches across the country.

The St Catherine South MP also observed that most Government and private sector employees can only access their salaries from designated bank accounts to meet their day-to-day expenses and other financial obligations.

He pointed out that many of the automated teller machines, or their equivalent, regularly malfunction, causing inconvenience, difficulties, and hardships to account holders.

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