Moving Back to Jamaica

A blog about my Move Back to Jamaica after 20+ years of living in the US. Most of the articles focus on the period from 2005-2009 when the transition was new, and at it's most challenging.

Saturday, March 14, 2009

Banks Rinsing Funds

One of the facts of financial life that I have had to become accustomed to here in Jamaica is the length of time it takes to deposit an overseas check.

At first I thought that the six weeks that it can take for a check to clear had something to do with how long it takes to clear an international check.

But then, I wrote a check from a U.S. account I own to a Jamaican account, and noticed that the check was withdrawn immediately, but it still took the same 4-6 time period.

What can explain the delay?

I can only imagine that whatever the reason, banks are happy to keep the status quo because they are able to make some money of their own on the cash that is being moved from one account to another.

I could be wrong here, and maybe a banker could set me straight, but I know that a Jamaican who returns is likely to find this annoying, if not downright unethical. The net effect, of course, is that it's easier to keep funds in a foreign account which operates at international standards than it is to transfer money here to Jamaica where it could be put to good use by local banks.

Like many things involving finance, it's just easier to do business elsewhere.

There must be a better way - one that benefits the greater good of all involved.

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4 Comments:

At 3/16/2009 9:08 PM, Anonymous YardEdge said...

I completely agree with you and have always been completely disgusted with the banks "rinsing" our money. I think its high time the consumers get together and demand a change on this one...

 
At 3/30/2009 8:24 AM, Blogger Monique French said...

I don't understand why as Jamaicans we speak about issues outside of the channels that can effect change. Why not write to the JBA and BOJ and ask them (i) why it is done and (ii) ask that change be effected?

 
At 11/04/2009 9:49 PM, Anonymous Anonymous said...

Monique, your comment is silly. You have a blog where you rant about things outside of the normal channels, why not let this blogger rant about stuff on his?

 
At 11/05/2009 1:17 AM, Blogger Monique French said...

Anonymous, since were grading comments FYI your comment is stupid. Firstly, its not either or. My point is rant...but also then rant to, take action with the institutions/persons who can effect change. Secondly, the blogger can rant and say whatever, likewise having put his/her rant out there, so can I in response to it.
The end.

 

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