Gordon Robinson | Rock stone river come down bank to bank

We’ve entered a new era of banking where the Banking Dictionary defines “Customer Service” as an oxymoron.

Customer is always wrong; bank’s convenience takes priority; and customer inconvenience is shrugged off as collateral damage. The Old Ball and Chain’s bank visit reports involve language that would make a sailor blush. She says it’s like a rock stone river coming down. Maybe she can sell that as a political party slogan in exchange for cash.

Because separating a bank from her cash has become an adventure. Automatic machines, when they work, ensure denomination choices are either difficult or impossible. There’s a fee for withdrawing your own money inside the bank. Some cash lodgement machines only accept old bills; others new bills. Where one machine takes both they must first be separated.

Customers must now lodge cheques in another automaton that works less often than Parliament. Before this customer-friendly manual deposit drop boxes were used. Now, if the robot isn’t working you’re forced inside to make a lodgement. A fee is charged. Sometimes the machine eats your lodgement (cheque or cash) without acknowledgement forcing you to spend hours inside having the issue resolved. And paying a fee.

I’ve recently put Old BC on a daily regime of vitamin supplements because, if I EVER must go to a bank … NCB is the worst. I’ve a credit card sent to me by that sadistic institution (with which I don’t bank) decades ago. Traditionally monthly statements were mailed. During COVID-19, that essentially stopped (understandably) but nothing was substituted. About a year ago, we visited NCB to renew the card (couldn’t be done online). A nice young lady took all our details and promised to send monthly email statements.

Not. One. Has. Arrived.

NCB refuses to accept online payments to the credit card unless the cardholder has an NCB account. So, Old BC lines up monthly to pay by cheque. After forcing her to guesstimate then pay by cheque, NCB waited until she was lined up months later to tell her she must pay seven working days in advance as funds are held. Of course, unknown to us (we don’t get statements remember?), “late” fees were promptly charged.

So I support Fitz Jackson’s fight on behalf of bank customers against rapacious charges essentially imposed by a cartel. In parliament, Government treated Fitz like Pontius Pilate treated Jesus so Fitz ploughs a lone legal furrow.

Government should hang its head in shame. It can and should do more.

Thanks to 2019 Domino Awards’ Journalist of the Year Damion Mitchell for showing me UK Government’s latest (August 18, 2023) policy on cash withdrawals and bank fees.

According to the policy paper, despite digital payments recently almost doubling “Nonetheless, government recognises that digital payments may not yet be a suitable option for many people who still rely on notes and coins, for example to manage their finances, do their shopping, or to help out friends and relatives.”

The policy is designed to ensure:

• Government protects cash access services, free of charges

• New minimum expectations on banks to protect services for people and businesses wanting to withdraw/deposit cash

• Vulnerable cash users’ protection by Financial Conduct Authority (FCA)

• Cash withdrawal without any fees for personal current account holders

The policy imposes an obligation on banks to allow people living in urban areas to access cash within a mile and those in rural areas, especially the elderly and those with disabilities, within three miles. It also requires FCA to “have regard” to local deficiencies in cash access. FCA should consider factors such as opening hours; distance to cash access services; and need for in-person assistance.

UK Government’s policy statement provides “with respect to personal current accounts, government’s view is ‘reasonable provision of cash access services’ (as determined by FCA) means free cash access services.”

In determining “reasonable provision”, UK Government legislation will require FCA “to have regard to local deficiencies that have significant impacts. In doing so, Government’s view is consideration should be taken of the degree to which services meet local needs….”

Jamaica is decades away from becoming a cashless society. Household helpers, gardeners and other unincorporated skilled workers must be paid in cash until our education system teaches them to accept debit cards. Homeowners must have easy access to cash to pay them. So, instead of poking bureaucratic noses into private sector wage policy why can’t Government task BOJ/FSC to regulate Jamaicans’ access to cash and hold financial institutions accountable for unfair charges?

Peace and Love.

Gordon Robinson is an attorney-at-law. Send feedback to columns@gleanerjm.com