The Stocks & Securities Limited (SSL) fraud scandal regarding the disappearance of millions from the account of retired super-athlete Usain Bolt has cast a long dark shadow over Jamaica’s Financial System.
And the country is in shock. So many of Jamaica’s citizens are now in limbo about whether they should trust Jamaica’s Financial System. Because if the bank fleeced a world-renowned celebrity like Usain Bolt, what would they do to lessor known individuals?
So, the Gleaner took to the street to hear from the people how they felt about the safety of their money.
Jamaicans have expressed mixed levels of confidence in the safety and security of their savings and investments in commercial banks and other financial institutions. Here are the views of some members of the public.
Jamaica Gleaner
Alick Campbell:
“I’ll say that I’m very confident. I’m new to this investing journey, and my experiences so far have been positive, but it’s very alarming what I hear on the news.”
Norbut Smith:
“I’m not safe with my money in the bank, but I do use credit unions, though. I think that’s the safest place. … I have quite a few friends who have had experiences losing money by scamming. Some banks are not safe; their system is easily broken in.”
Kelvin Joseph:
“Well, I’m very confident that my money is okay because there is the JDIC (Jamaica Deposit Insurance Corporation) that protects your money up to $1.2 million. Some of them that do invest and lose it, well, the bodies or the FID (Financial Investigations Division) going to have to take care of that.”
Half-Way Tree to New Kingston taxi driver (spoke on condition of anonymity):
“Mi nuh feel safe inna dem deh bank deh. That’s why mi did end up going back to a credit union. Mi nuh like them bank deh because they have workers there and dem a go, inna people, account. A bare [expletive redacted] a go on.”
Clive Waddell:
“Two percent out of 10, not confident. In recent times, too many things have been popping up, so that is what causes me to have so much doubt in the financial system.”
Romaine Palmer:
“Right now, zero percent. The best way a fi save your money under the mattress and hope say yuh house nuh burn down … or invest it overseas.”
A woman who wished to be unidentified:
“Mi save, but me save at home. Outta you know say a burn it burn up (in case of a fire), as opposed to somebody t’ief it. A better yuh save a yuh yard. Mi throw my pardner (partner plan), and mi know who mi throw it with.”
Khristoye Nooks:
“I feel pretty safe with my money
being in the bank because if there is any issue, you usually get an alert, and you’re always advised not to click on certain things.”
A medical nurse who requested anonymity:
“I am not confident; I am just going with the flow and just hope and pray that it (fraud) doesn’t reach me.”