Banks irk manufacturers with delay in making cash available
Members of the Jamaica Manufacturing and Exporters Association (JMEA) are uneasy that banks are taking up to 36 hours to make cash that has been lodged to accounts available.
The issue was brought to the fore at the annual general meeting of the JMEA last Thursday.
Kareema Muncey, managing director of Home Choice Enterprise Limited is seeking the intervention of the JMEA leadership to act on behalf of members.
According to Muncey, the situation is of grave concern to small businesses that depend on consistent cash flow for the effective running of operations.
She said it often takes even more than 36 hours for cash to reach the account.
“We are depositing money and it is taking more than 24 hours to be available, sometimes up to 36 hours, sometimes if we don’t follow the banks they take your money and you have to be back and forth with them,” Muncey said.
Former president of the JMEA, Brian Pengelley, said other manufacturers have also expressed to him, disappointment in the banks’ system and the adverse effect it is having on their businesses.
“We are doing a cash deposit, that’s what they want. They want it in the bank in the vault today, but you are not seeing your cash until two or three days. Where is that money? Why are they sitting on it?” Pengelley asked.
Meanwhile, Muncey also expressed concerns about businesses getting cash from their accounts. She explained that at times businesses try to access money to transact affairs urgently, but the banks refuse to make it available, despite millions being in the account.