Deposits and Savings
This is the type of account where customers can withdraw money at any time.
What is savings account
Banks lend money to individuals and businesses in exchange for this.
What is interest?
Cybersecurity measures protect this growing type of banking in Jamaica.
What is digital/online banking?
Banks help channel funds from savers to these economic actors.
Who are borrowers?
This is the main reason people deposit money in banks instead of keeping it at home.
What is safety/security?
Deposit insurance builds public trust in banks by ensuring this key principle.
What is financial stability?
During COVID‑19, Jamaican banks offered this to help households and businesses survive.
What are loan deferrals/moratoriums?
Caribbean banks introduced this extra step to secure online banking logins.
two‑factor authentication?
The BOJ requires banks to hold this percentage of Jamaican dollar deposits as reserves.
What is 12%?
These institutions act as intermediaries between savers and borrowers.
What are commercial banks?
NCB Jamaica, Scotiabank Jamaica, and JN Bank all participate in this scheme.
What is the deposit insurance scheme?
The process of banks creating money by lending more than deposits is called…
What is credit creation?
Customers receive these to detect fraud in real time.
What are transaction alerts?
For every JMD $100 deposited, banks must keep this amount at BOJ.
Answer: What is JMD $12?
Commercial banks must comply with this BOJ requirement to maintain liquidity.
What is the cash reserve ratio?
If a bank fails, depositors are guaranteed repayment up to this amount.
What is JMD $1,200,000?
By deferring loans, banks help households and firms maintain this during downturns.
What is liquidity/cash flow?
Banks issue these to guarantee payment in global trade.
What is a letter of credit?
Funds held at BOJ under the cash reserve ratio earn this amount of interest.
What is zero (non‑interest bearing)?
By participating in JDIC, commercial banks protect depositors against this risk.
What is bank failure?
The ratio of deposits banks must keep with the central bank is called…
What is the reserve requirement?
Supporting borrowers during crises demonstrates banks’ role in this broader responsibility.
What is economic stabilization?
The Jamaican interbank system that clears payments electronically is known as…
What is the ACH (Automated Clearing House)?
Commercial banks are part of this larger system that includes central banks and other financial institutions.
What is the financial system?
The process of combining many small deposits to fund large loans is called…
What is financial intermediation?