Notice to our Jamaican Subscribers - U.S. Dollar Rate of Exchange

As you are no doubt aware, the value of the Jamaican dollar has been depreciating at an increasingly alarming rate against the US dollar. In the last month alone, we have seen a decline in excess of $3.00.

In addition to the fluctuation, the increased demand for the US dollar has resulted in its scarcity in the marketplace. How does this affect your contributions to your Heritage Plan? Heritage debits your Jamaican dollar account and subsequently converts that amount to US dollars, as it becomes available, at the prevailing rate of exchange. The fluctuating decline in the dollar could result in an attempted pre-authorized debit transaction from your bank account being declined for “insufficient funds” if your account is not adequately funded.

It is our desire to see your Heritage Plan(s) in good standing at all times and in this regard, we urge you to ensure adequate funding of your bank account to cover the amount required for the US dollar conversion. We are therefore recommending that you ensure that your bank deposits be at least J$100.00 to US$1.00, to eliminate the likelihood of your bank rejecting your transaction because of insufficient funds. If your contributions are made via salary deduction, kindly make contact with your employer to increase your deductions at the rate of JA$100.00 to US$1.00 as well.

We trust that the Jamaica dollar will see some stability in the near future and promise to keep you apprised of any changes in the rate of exchange, as they occur. Should you have any questions, please do not hesitate to contact the Jamaican office at 968.1601.