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JAMAICA | Fake News says Finance Minister: No fees on dormant accounts

Featured Finance Minister Dr. Nigel Clarke Finance Minister Dr. Nigel Clarke
Kingston, Jamaica: 29 October 2018 - Minister of Finance and the Public Service, Dr. Nigel Clarke has dismissed as mischievous and untrue, posts circulating on social media that the Government of Jamaica has passed a bill to close dormant bank accounts and levy a monthly fee on such accounts.

“It is simply false. These kinds of baseless assertions cause confusion among Jamaicans, especially those living overseas,” Dr Clarke said.

Dr Clarke reiterated that there is an established legal process in place with respect to unclaimed funds and the Government of Jamaica follows that process. Under the Banking Services (Act) 2014, a record of unclaimed monies in the possession or under the control of a deposit-taking institution for a period of 15 or more years, are published in the Gazette and in a daily newspaper circulated in Jamaica.

This record includes the particulars of the unclaimed monies and the period for which the monies have remained unclaimed.

The Finance Minister also noted that “there was a publication in the press this weekend to this effect which was required to satisfy legal requirements and give persons the opportunity to claim these monies.

If these monies are unclaimed for 15 years or more; remain unclaimed at the end of the year, even after the publication in the newspaper and gazette referenced above, then and only then would they become part of the revenues of Jamaica, in accordance with existing law.” 

Dr Clarke further explained that deposit-taking institutions have also been alerting their customers to the need to reactivate their dormant accounts. He added that “it is unfortunate that persons would use the legally required and well intentioned publication of this information to spread falsehoods and misinformation”.


  • Countries: Jamaica

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