Cash transfer firm blames local banks for business woes
(CNS Business): The chair of a Cayman-based Jamaican cash transfer company has made it clear that he believes the banks are to blame for the problems his firm and its affiliates are facing, as he encouraged customers of those banks who also use remittance services to raise their concerns and even implied they should boycott the banks. Visiting Cayman from Jamaica, Earl Jarrett, who is the general manager of Jamaica National Building Society (JNBS) and the chair of JNMS Cayman, said banks pulled services from money remittances companies because they believe those customers are risky.
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Category: Local News
Banks are not charities. Services should be supplied at cost plus margin taking into account administrative risk. The market has determined that sending small sums of cash is not a profitable activity. Why should other borrowers or shareholders be expected to subsidise it then?
They are faaaar from charities indeed. Some even say they are immoral opportunist that have caused giant financial losses for ordinary people. No. They are definetly not charities my friend.
But those people would be ignorant sheep.
As a Caymanian I whole heartedly agree with his statement as the banks are too Fu***ng greedy. From even charging to change their own checks absolutely ridiculous
You sir, are the only sensible poster on this issue thus far. The resort them are just blowing bubble gum.
“The Resort Them” are just blowing bubble gum? Has a new hotel opened that I missed? Novel idea, blowing bubble gum, could catch on..
As usual get vindictive, typical response of Jamaicans (black or white), not surprising that so many are intimidated by them. Why not accept that if the banks can kill locals with mortgage rates all these foreigners not only Jamaicans but Filipinos too, should also be paying for wire transfers when MILLIONS of dollars are leaving our economy!
Sorry to say but the bank rates are only high for locals and not for the expats. Research it and you will find caymanians pays more verses expat rates.
Claire, I doubt that is true, generally everything is more expensive for expats. But if it were true, could it be anything to do with number of defaulters on loans?
You don’t know what you’re talking about so pleeeease!?
Who you know…..
Probably a legitimate difference in default rates.
Oh dear 5.01. Engage brain before writing.
The Philipinos don’t complain…and not too many of them in jail here either.
True Dat!…
Maybe he should open up a bank here…
CIMA don’t want new banks right now, still reeling from the Caledonian mess.
Why is CIMA worried about a bank whose directors agreed to let it collapse?
Risky transfers to Jamaica? Say it ain’t so!
You are right – its not like we buy drugs from Jamaica or anything…
or that they even have drugs in Jamaica…
So it’s no longer risky now that Western Union is doing it again??????
You do know one question mark is all you need, don’t you?
Really????????????????????????????????????????????????????????????????????????
Yes, really.