Can banks be trusted?

Jamaica is besieged by fraud at financial institutions with the Stocks and Securities Ltd (SSL) scandal grabbing headlines.

Today (January 18), some Bank of America customers are reporting money missing from their accounts.

Customers say money is missing from Zelle transactions and they are unable to get any information from the bank.

One customer said: “Woke up missing $6,000. Bank of America, I need my money ASAP.”

Bank of America has not fully addressed why customers cannot access their money but did say that “Zelle transactions made between January 14 and January 17 may be delayed in occurring and posting to accounts as requested. Transfers will be completed and will appear in your account activity and balances as soon as possible. We apologise for any delay or inconvenience.”

Zelle is a peer-to-peer payment network similar to PayPal. It allows users to digitally send money from their accounts to users at different banks.

Senator Elizabeth Warren has drawn attention to the increasing number of fraudulent activity at banks.

“You built the system, you profit from every transaction on the system and you tell people that it is safe. But when someone is defrauded, you claim that’s the customer’s problem,” Warren told a US banking committee hearing.

Another Bank of America customer tweeted: “I am at the point of a collapse. Where is my money?”

In Jamaica, Usain Bolt and other investors at SSL are in the same boat, asking the very same question.

Let’s hope Jamaica’s financial sector can quickly bolt into action and keep people’s money safe.