As unemployment rises and the cost of living continues to place unbearable pressure on households, many citizens are struggling to survive in an increasingly difficult economic environment.
Speaking with neighbours, I have become aware of a disturbing practice involving some banks and their customers who are relying on credit cards to get through the month.
When salaries or pensions are deposited into customers’ accounts, banks are reportedly deducting credit-card payments before the actual payment due date. This leaves customers with less money to purchase food, pay bills, buy medication and meet other essential expenses.
How can this be considered fair when a customer is trying to manage limited funds until the next payday or pension payment?
Banks are important institutions, but their responsibility to recover money owed must be balanced with fairness, transparency and respect for their customers. Citizens should not be left financially stranded because deductions are made before they are due.
I therefore call on the Central Bank of Trinidad and Tobago, the Consumer Affairs Division and the relevant authorities to investigate these complaints and establish whether such practices comply with banking agreements and applicable regulations.
Customers must be clearly informed of the terms governing deductions, and banks must explain the authority under which payments are being taken before the agreed due date.
In these difficult times, banks should not become an additional source of hardship for ordinary citizens, particularly pensioners and low-income earners who depend on every dollar to survive.
I am calling for greater transparency, fair treatment and appropriate safeguards to ensure that customers are not deprived of money they need for their basic living expenses.
The people are already struggling. They deserve a banking system that treats them fairly, not one that adds to their burden.
Yours faithfully,
Gordon Laughlin,
Westmoorings
