Bank Stability in JA

[Yuriatin]

If you had $10k<span style="font-weight: bold">USD</span> or $5k or $20k - sitting in the bank in Jamaica ... no special instrument - let's just say a CD or savings account, for example ... would you leave it there right now?

Does anyone have any info or inkling of how stable things are for the big boys ... Scotia, JNBS, VMNBS, NCB, etc?

And I know this was asked in the past so bear with me for being redundant ... is there an equivalent of an &quot;FDIC&quot; in JA - and what is the amount it covers?

[uswe]

Re: Bank Stability in JA

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Yuri_</div><div class="ubbcode-body">If you had $10k<span style="font-weight: bold">USD</span> or $5k or $20k - sitting in the bank in Jamaica ... no special instrument - let's just say a CD or savings account, for example ... would you leave it there right now?

Does anyone have any info or inkling of how stable things are for the big boys ... Scotia, JNBS, VMNBS, NCB, etc?

And I know this was asked in the past so bear with me for being redundant ... <span style="font-weight: bold">is there an equivalent of an &quot;FDIC&quot; in JA - and what is the amount it covers?</span> </div></div>


Yes there is, it gives coverage upto J$600.000

[RichD]

Re: Bank Stability in JA

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Yuri_</div><div class="ubbcode-body">If you had $10k<span style="font-weight: bold">USD</span> or $5k or $20k - sitting in the bank in Jamaica ... no special instrument - let's just say a CD or savings account, for example ... would you leave it there right now?

Does anyone have any info or inkling of how stable things are for the big boys ... Scotia, JNBS, VMNBS, NCB, etc?

And I know this was asked in the past so bear with me for being redundant ... is there an equivalent of an &quot;FDIC&quot; in JA - and what is the amount it covers?
</div></div>

i would move it to Citibank

[Yuriatin]

Re: Bank Stability in JA

Good grief - that's nothing!

I'm wondering if there's a separate coverage for us$ accounts ...

Am calling the Scotia 800 phone # ...

[Yuriatin]

Re: Bank Stability in JA

Yuh si yuh ...



<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Yuri_</div><div class="ubbcode-body">If you had $10k<span style="font-weight: bold">USD</span> or $5k or $20k - sitting in the bank in Jamaica ... no special instrument - let's just say a CD or savings account, for example ... would you leave it there right now?

Does anyone have any info or inkling of how stable things are for the big boys ... Scotia, JNBS, VMNBS, NCB, etc?

And I know this was asked in the past so bear with me for being redundant ... is there an equivalent of an &quot;FDIC&quot; in JA - and what is the amount it covers?
</div></div>

i would move it to Citibank </div></div>

[Yuriatin]

Re: Bank Stability in JA

btw ... Scotia - 866-767-2010.

They confirmed they have &quot;JDIC&quot; (jamaica deposit insurance corp) but nothing separate for US funds. Whatever your US$ converts into for Jamaican $600k - that's it.

I've been trying to keep a pulse on things for my mom re the banks at home but to no avail.



<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: uswe</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Yuri_</div><div class="ubbcode-body">If you had $10k<span style="font-weight: bold">USD</span> or $5k or $20k - sitting in the bank in Jamaica ... no special instrument - let's just say a CD or savings account, for example ... would you leave it there right now?

Does anyone have any info or inkling of how stable things are for the big boys ... Scotia, JNBS, VMNBS, NCB, etc?

And I know this was asked in the past so bear with me for being redundant ... <span style="font-weight: bold">is there an equivalent of an &quot;FDIC&quot; in JA - and what is the amount it covers?</span> </div></div>


Yes there is, it gives coverage upto J$600.000 </div></div>

[St_Bess]

Re: Bank Stability in JA



Move your US or Canadian $ to the bank in Grand Cayman. It's worth it in the long run and you can always go a Cayman a marning and come back in the evening not too far is like going from Westmoreland to Kingston. Dat's were me put fi me likkle money.

[X]

Re: Bank Stability in JA

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Yuri_</div><div class="ubbcode-body">Good grief - that's nothing!

I'm wondering if there's a separate coverage for us$ accounts ...

Am calling the Scotia 800 phone # ...

</div></div>

no seperate coverage for foreign $$ accounts.

However traditional financial institution in Jamaica are quite solid. JNBS for example is over 100 years old and aside from faring quite well thru past depression and recessions, dem very conservative. VMBS is another solid institution. In a nutshell stick to building societies.

Starting to panic and pull money out can only lead to the same problems we all maybe concerned about.

[Dr.Dudd]

Re: Bank Stability in JA

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Yuri_</div><div class="ubbcode-body">btw ... Scotia - 866-767-2010.

They confirmed they have &quot;JDIC&quot; (jamaica deposit insurance corp) but nothing separate for US funds. Whatever your US$ converts into for Jamaican $600k - that's it.

I've been trying to keep a pulse on things for my mom re the banks at home but to no avail.



<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: uswe</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Yuri_</div><div class="ubbcode-body">If you had $10k<span style="font-weight: bold">USD</span> or $5k or $20k - sitting in the bank in Jamaica ... no special instrument - let's just say a CD or savings account, for example ... would you leave it there right now?

Does anyone have any info or inkling of how stable things are for the big boys ... Scotia, JNBS, VMNBS, NCB, etc?

And I know this was asked in the past so bear with me for being redundant ... <span style="font-weight: bold">is there an equivalent of an &quot;FDIC&quot; in JA - and what is the amount it covers?</span> </div></div>


Yes there is, it gives coverage upto J$600.000 </div></div> </div></div> At that rate, if they stand to pay out too much,all they hav eto do is to devalue the jamaican dollar to say 600 to 1 and pay you in Jamaican dollars the princly sum of US1,000.