Republic Bank now processing last year’s transactions to several customers’ accounts

Feb 15, 2020 News

After days of being berated on social media for what seemed to be questionable transactions to several accounts of customers, Republic Bank has provided an explanation.

Republic Bank says that several customers are seeing changes to their accounts, as it is now processing transactions from late last year

It appeared that thousands of customers used their Visa OneCard to conduct transactions last year during the period when the bank was making changes to its systems. A significant number of those transactions were never processed. That matter is now being corrected.
According to the Trinidad-owned bank in a notice on its website on Thursday, going forward, transactions will be processed as usual.
“Republic Bank advised customers that Visa OneCard transactions conducted online and via other banks’ Point-of-Sale terminals and ATMs during the period November 4 to December 31st, 2019 are now being processed to accounts. We confirm that going forward, these transactions will be processed within the regular timeframe. We sincerely apologise for the delay and any inconvenience this may cause.”
It appears that customers were making withdrawals and deposits and not checking properly.
In November last year, Republic Bank announced that it was upgrading its banking platform to allow for a number of other services. However, the conversion process hit hurdles with delays and long lines in the bank and its branches.
Customers complained about being unable to access accounts and even receive salaries.
The regulator, Bank of Guyana, and others were highly critical about the delays.
This week, as the transactions were being processed, a number of customers who appeared to have made withdrawals last year which were not processed, appeared to have taken out too much. The bank reportedly signed agreements with a number of them to pay back.
Republic Bank has the largest market share in Guyana. Its parent company had made a bid to take over Scotiabank in Guyana, but that effort was nullified by Government.

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