Member of Parliament for St. Catherine South, Fitz Jackson, says he’s having discussions with the Public Defender on how customers can recover monies banks have taken from them in dormant account fees.
The strident MP — who’s leading a charge against what he sees as unjust banking fees — made the announcement at a Rotary Club of Kingston meeting yesterday.
Mr. Jackson, who came out swinging, also spoke of how he’s lost thousands of dollars to banks in fees for so-called ‘dormant bank accounts’. He’s also chiding the Bank of Jamaica, accusing it of failing to get commercial banks to be compliant.
Mr. Jackson says banks are obligated by law, to safeguard the funds of depositors.
However, he notes that banks charge high fees for accounts they see as inactive for a period of time. It’s why Mr. Jackson says he’s pursuing a lawsuit to recover what can be considered ‘ill-gotten gains’.
He says the Bank of Jamaica is responsible for the supervision of commercial banks. But Mr. Jackson says the BOJ has been derelict in this duty.
In an interview with Nationwide News after the function, Mr. Jackson provided details of his dormant account ordeal with one local bank.
He’s describing the practice of charging fees for dormant accounts as a ‘wicked act’.