A worrying trend at Republic Bank

Feb 29, 2020 Letters

DEAR EDITOR,

I take this opportunity to highlight a worrying trend at Republic Bank. A few months back, it was publicised in the media that the bank went into its customers’ accounts and extracted service charges of $500 on each account without notifying their customers of such charges. After much push back from customers, the bank recanted and reversed those charges.
For security reasons, I am not fond of using the banks ATMs; however, because of the length of time it takes to complete the simplest of transactions within the bank during normal banking hours, I chose to conduct a deposit at the ATM.
I had $20,000.00 to deposit, but it appeared that I accidentally inputted $2,000.00 by mistake, omitting a zero at the end. I was shocked when I checked my account online and observed that the bank charged me $300 to correct the deposit amount from $2,000.00 to $20,000.00.
It appears that Republic Bank has implemented a host of charges that are draining its customers’ accounts. I hope the regulators for the banking sector take note of this issue and other issues emanating from Republic Bank and implement corrective measures to protect customers using the banking system.
Heinous acts like these by such a large financial institution that raked in over $3.8B in profits after taxes last year will only push the ordinary man farther and farther away from doing business with these corporate monsters only interested in taking as much as it can.
Republic Bank and all other banks should not be permitted to deduct charges from any customer’s account without first obtaining their approval and those charges should be published so that customers should be aware of the charges before conducting transactions.

Marcus Perry

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