EDITOR, The Tribune.
Central Bank No more cheques after 2023..... have they thought this through?
Pre-when the majority of pay cheques were either in cash or cheques there were probably no more than 15,000 plus personal bank accounts in the whole banking system ..... there was absolutely no need and no need to incur bank charges, etc.
For security employers went to safer IT transfer to employees bank accounts which meant the employee had to open the bank account and maintain it....costs involved to the charge of the employee, previous system of 'cash payment' none.
Number of bank accounts exploded from the meagre 15,000 to over 150,000 as now everyone employed needed a bank account imposed at a cost to him, or don't get paid. The majority of banking of these 150,000 plus accounts is an in-out action to cash in hand because the majority by far do business in cash if the Central Bank doesn't know seems they don't.
Has the Central Bank thought of the foreign residents who are permitted to operate US$ checking accounts and have no means otherwise, except for payment and charging than Debt or Credit cards or ATMs which, except for the ones around the resorts, spit out B$ currency… have they thought about that?
Recently we saw the Banks refused till there was the outcry to even insert $20.00 bills in ATM's but if you want $500.00 experience at that infamous bank the machine will spit out five $100.00 bills nothing less.
Cheques go....so clearing goes, so will bank charges be reduced? Hell no, they will compensate somewhere. Wealth Management offices are slick on that….the client administers all the bank provides is the platform at zero reduction of high fees.
Logical? Sensible? Suspicious there is an ulterior motive behind this in the banks favour? My conclusion - a loud, yes!
December 31, 2021.