Latest update March 28th, 2025 6:05 AM
Oct 09, 2008 Letters
DEAR EDITOR,
I am a mortgage account holder with the bank. I am writing this letter in view of all the concerns that have arisen about this bank. I am aware that interest is calculated on the reducing balance at the end of the year.
To my surprise, I have noticed that interest is calculated on the reducing balance as at 31st December, 2007 and also anticipated interest is calculated at the start of 2008.
I would be grateful to learn that if this is the normal practice with all banks or is the particular bank trying to recoup on money lost.
I would be grateful for all consumers to voice their opinions and to also get a comment from the Bank of Guyana as it relates.
I am of the opinion that the Bank of Guyana has the authority to inspect and comment on the operation of all lending institutions and banks in this country.
Radica Persaud
Mar 28, 2025
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