Banks still the safest - J’cans not prepared to ‘put money under mattress’

Despite reports that two of the island's larger financial institutions will be increasing various fees for banking transactions, some Jamaicans say they cannot afford to boycott the banking sector.

Persons will incur added costs when they use their debit cards at point-of-sale machines as well as when they withdraw money from automated banking machines. But David Ellison, a clothing and jewellery vendor in Half-Way Tree, St Andrew said that his money is safer in banks.

"My house can burn down and I don't have nuh insurance on it. So, I'd lose all. My house can be broken into and I lose all of it if them [thieves] find the cash and I lose all," he said. "Some people don't like hear when me say this, but nothing comes free. They [banks] have to pay for their upgrading. Yes, we put our money in there, but we must expect to pay for the protection. But conditions apply in everything, so they should have some leniency on we."

Ellison said that while he is not happy about any increase, he will accept them once they are shared with customers in a timely manner so that they can be prepared.

Kadeem Campbell, a 'loader man' on the Price Rite route in the Red Hills area, told THE STAR that his money is in a bank, regardless of any fees.

"It nuh really matter to me because di whole a dem a thief. If dem take $100 or $200 anuh much dat. Mi haffi have someweh fi save mi money. When me reach a certain money, mi put it inna the bank," he said. "Mi have a issue a put money inna me house cause me do it already and somebody bruk in and take the money. A hustle me hustle inna the street ennu so when me reach certain money, like a 20 grand or a 30 grand, mi bank it."

But women's apparel vendor Sharmaine Green is fed up with the high fees and will be pulling her money from two banking institutions.

"Me ago draw dem out, put dem inna one pan, dig a likkle hole inna me house and put it dung in deh, because guess wah? Me cyah afford fi spend di whole a me money. Yuh affi a pay tax. Dem a draw out too much outta yuh money and dem nuh know how yuh work fi it," she said. "Mi house nah bun dung, a concrete house and it ago under di floor. If thief come, mek dem take it and gwaan guh spend it with dem friend. Mi rather gi dem dan bank tek it."