Is Ignorance bliss? – Should consumers be aware of bank charges?

A few years ago I was drinking a popular drink when a friend of mine asked if I had ever examined the label to check for the nutritional content. Of course, I had never done that so we both checked the label.  To my disappointment and chagrin, the label proclaimed that the drink I had been busy enjoying was in actuality loaded with sugar.

When I knew the poor nutritional content of my favourite drink, there was no way I could continue to consume it.  This means that in my case knowledge was important so that I could make an informed choice.

Sometimes though it makes you cringe when you get information because in your ignorance, you were able to block out certain unpleasantness that you had no control over and if you knew it would just drive you crazy. One of the most unpleasant situation is to realize how much money we are being charged by banks.

Big Business

Make no mistake, banking is big business and the profits that roll through banks is staggering.  The services they provide are various and necessary.  Those who attempt to hide huge sums of money at home or transact business without using a bank often find themselves at a disadvantage.

The added protection of having  some of the money insured makes utilizing bank services attractive. There is the huge downside of course of using bank services and that is their hefty fees.

One customer representative at a popular bank, informed me that banks are encouraging customers to use their online facilities in order to reduce costs.  Too many persons are still standing in long lines which reduces the number of productive working hours. Some of the banking services consumers need are better served if they did online banking and the best outcome is that they avoid some fees.

It might not be possible to avoid all fees however as once I went to the ATM to withdraw funds and because I had insufficient funds for the transaction this attracted a charge on my account.

So if you want to be an informed consumer it is best to know what you are being charged by your financial institutions. The Gleaner’s website www.jamaica-gleaner.com has a complete list of the schedule of fees at Jamaica’s Commercial Banks.

So drop a line if you learned something new about the fees you are paying!

Teri Ann Renee Paisley

Gleaner online writer

Tags: bank fees