Eastern Caribbean Central Bank Addresses Republic Bank's Delayed Debit Issues

The Eastern Caribbean Central Bank (ECCB) has acknowledged the recent debit discrepancies experienced by Republic Bank (EC) Limited customers on April 29, 2024, arising from delayed e-commerce and point-of-sale transactions.

The affected customers, totaling approximately 12,112 across five Eastern Caribbean Currency Union (ECCU) countries, including Anguilla, Commonwealth of Dominica, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines, were impacted by the untimely situation, which also included ECCB staff.

Expressing dissatisfaction with the situation, the ECCB emphasized the hardship and anxiety caused to affected customers. As a licensed financial institution, Republic Bank is obligated to promptly debit customer accounts for such transactions, a responsibility it failed to meet on this occasion.

In response, the ECCB engaged with Republic Bank to address the issue and received assurances regarding remedial measures.

Republic Bank has committed to offering affected customers payment plans, reversing any associated overdraft fees, waiving fees for standing orders, and providing credit facilities without additional charges. Additionally, customers requiring bank statements for verification purposes will receive them free of charge.

The ECCB remains vigilant in ensuring that financial institutions uphold standards and meet customer expectations, emphasizing the importance of prompt resolution and customer support in such situations.