Manager’s cheques – a thing of the past?
Author : teriannWe all know that writing large cheques may be beyond the average Jamaican.
However, there are some transactions in business and large purchases such as homes that might necessitate such cheques.
Effective April 1, 2011, the Bank of Jamaica has informed all banks that they are to use same day electronic transfers instead of writing cheques, purchasing Manager’s cheques or passing single credit items valued at JA $5,000,000 or more.
To discourage this practice, banks who exceed their quota will be charged $5000 so they will pass on this charge to their customers.
After all, we are in the electronic age and soon will use computers to process more of our transaction as it helps to reduce human error.
What’s your take on the new requirements?
Teri Ann Renee Paisley (Gleaner on-line writer)
Tags: cheques, electronic, fees, transfer
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7 Responses to “Manager’s cheques – a thing of the past?”
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Terri Ann .
you get me on this one1. something is not clear here!.. What quota are they to adhered to?.
What practice are they trying to discourage?..
And as for computer transaction more reliable is not true. the reason why it seem to be so is because the banks are not being honest with their customers by telling them what happen in their account by fraud from others1.. they simply replace your money and keep things quiet and raised the fees!.
When your Debit card is cloned. the bank does not tell you where it happen even though they have that information!.. all they do is tell you that your card was cloned and then change it give you a new one but will not tell you where it had happen. because they are protecting their bottom line!.
Teri Ann, actually that information is not quite correct. I called Bank of Jamaica, and they said that the J$ 5000 charge does not come into effect until January of 2012. Why the banks have begun to implement this policy is a good question and I see the banks setting themselves up for a lawsuit. The problem that BOJ has not addressed is to make sure that everyone is “online” with the new procedures. If a company has to clear large quantities of goods from the wharf, what happens if customs is not up to speed with the new electronic transfer system? Who pays that charge?
Thanks for the info Craig, however, the information I published came from a poster that is prominetly displayed in a number of banks that I visited. It is possible that they are ‘jumping the gun’ in terms of when it is to be implemented but sometimes we are the last to know!
Hey Bob, glad to hear from you, let’s see, I am not by any means an expert but in my humble opinion, it seems even the banks are not sure about the new regulations and why they are going to be charged this new fee. The information in my post is taken from a poster promiently displayed in at least two of the banks I visited and seemed to suggest that each bank could only send off a certain number of manager’s cheques for large amounts (if their quota was filled they would be charged). Let’s see what happens next as the story unfolds.
BANK CARD CLONING TSK WI ALL KNO A WHO A DI GINIGOG PON DAT AN BANK SCAMS, OH ANOTHA THING A HOPE DID IDEA FI HAVE STRAIGHT FLIGHTS FROM NIGERIA TO JA IS QUASHED HOPE BARTLETT AN GOVT DONT PROMOTE DAT AT ALL, KILL DAT
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