Consumers earn very little on savings accounts: CAC

The Consumer Affairs Commission, CAC, has completed a survey of three local commercial banks which shows very little is earned on savings deposited in the institutions.The banks surveyed were NCB, BNS and First Caribbean. The CAC found that the basic savings product provided by First Caribbean offers the best value for consumers as savers can earn interest on amounts below $5,000.To earn interest on savings at BNS, more than $5,000 would have to be saved. At NCB, consumers get no interest on their savings unless it is over $50,000. The survey shows First Caribbean has the lowest fees relating to minimum balance violation, withdrawals and dormant fees. BNS during the period of  the survey had no dormant fees.

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Consumers earn very little on savings accounts: CAC

Consumers earn very little on savings accounts: CAC

The Consumer Affairs Commission, CAC, has completed a survey of three local commercial banks which shows very little is earned on savings deposited in the institutions.The banks surveyed were NCB, BNS and First Caribbean. The CAC found that the basic savings product provided by First Caribbean offers the best value for consumers as savers can earn interest on amounts below $5,000.To earn interest on savings at BNS, more than $5,000 would have to be saved. At NCB, consumers get no interest on their savings unless it is over $50,000. The survey shows First Caribbean has the lowest fees relating to minimum balance violation, withdrawals and dormant fees. BNS during the period of  the survey had no dormant fees.

View the original article here

Consumers earn very little on savings accounts: CAC

St mary resident arrested for unlawfully accessing bank accounts

A St Mary resident was hauled before the Corporate Area Resident Magistrate’s Court recently after he facilitated several unauthorised banking transactions.

Charged with simple larceny and unauthorised access to computer data is 32-year-old Daemian Ferguson, who was ordered fingerprinted.

The Crown alleges that between February 20 and March 24, 2014, Ferguson gained unlawful access to bank accounts shared by the father and son complainants and conducted various transactions at Corporate Area-automated banking machines and business places to the tune of $810,098.11.

As a result of his actions, Ferguson was arrested on May 13.

He is to return to court on July 10 when the matter will be mentioned.

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St mary resident arrested for unlawfully accessing bank accounts