Recently in Jamaica there have been a lot of issues with NCB. This is the latest one I’ve seen.
I’m going to find a few others and share. This, much like some of the others, seems like an inside job to me.
There’s stories like that and others. Things have been going on for some time now.
I know someone who also told of a manager that was fired who stole money from his account. There are LOTS of horror stories.
The government makes it mandatory for you to save with a financial institution - you can’t keep money under your mattress. If you do transactions over $1,000,000 (one million) then you’re liable to go to jail for money laundering. But it’s fine to use bank transfers and managers cheques to get things done - because the government can track it.
There are good and protective reasons for some of these laws, but the various breaches that keep happening really leave cause for concern. Where is safe? What to do?
One suggestion is to ensure your money is spread out. If you happen to have millions, save with an institution covered by JDIC. If you spread out the millions among ALL the institutions, you’ll get back some of it at least. JDIC covers each person for up to 1.2 million ($1,200,000) per financial institution. This means that you can put 1.2 million in BNS, NCB, JN and a Credit Union - which comes up to 4.8 million ($4,800,000) that you can get back. That’s because you as an individual get insured by JDIC PER INSTITUTION. That means you can spread out your risk.
This becomes difficult if you have issues with an institution - like this:
He closed his accounts at BNS. So he would probably not use them again. Here’s the screenshots to make it easier if you don’t want to visit the site.
That’s it for now. Thoughts?