Republic Bank backpedals on $500 account management charge

Jan 04, 2020 News

Following a plethora of challenges that came with the upgrade of Republic Bank (Guyana) Limited’s banking system, the bank has made a decision to reimburse a $500 account management charge that several customers noticed being deducted from their accounts at the end of December.
According to a source close to the Bank, the deductions made were part of an automatic process as a result of a glitch in their “new Core Banking System”. Recently, scores of customer complaints have been making rounds on social media regarding a list of service fees that have been introduced along with the new banking system.
Republic Bank (Guyana) is currently in the process of reviewing the numerous service charges in lieu of its new platform. Some of these charges are salary deposit/processing fee, online transaction fee and ATM withdrawal fee. The bank is yet to make a final decision on the implementation of these fee changes.
The Trinidadian-controlled commercial bank had indicated that it would be “migrating to a new Core Banking System effective November 2, 2019”. According to the bank, this new system offers “increased transaction efficiency and enhanced product offerings, to allow us to serve you better”.
The Bank has promised to reimburse customers during the weekend.

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