Deputy Premier wants swift resolution to issues affecting Republic Bank’s customers
According to Hon Smith, these withdrawals stemmed from the bank's delayed completion of processing for approved point-of-sale and e-commerce transactions where customers had already received the authorised goods or services.
“Following public concerns, I met with the Financial Services Commission (FSC), the regulatory body overseeing the bank, to discuss the situation. The FSC assures us they are working with Republic Bank (BVI) Limited to find solutions. Affected customers can expect further communication from the bank outlining steps to address the issue,” Hon Smith disclosed in a statement this morning, Monday, May 13, 2024.
Customers voice complaints on social media
Customers of the bank took to social media over the past weeks alleging that the bank had debited from their accounts without notifying them. They also said some of the deductions were pertaining to transactions they thought had been dealt with up to two years ago.
The irate customers had also called on the Financial Services Commission (FSC) to get involved.
Republic Bank in a statement on May 2, 2024, confirmed that, as a result of a technical issue stemming from its conversion exercise, some of its customers’ accounts were not debited in a timely manner for point of sale and E-commerce transactions.
“We wish to assure customers that this technical issue has been resolved,” Republic Bank stated in a press release.
Republic Bank has also said it was prepared to continue working closely with customers to resolve their concerns in a satisfactory and timely manner, including providing an option for payment plans to assist them during this time.
Hon Smith wants ‘swift resolution’
Meanwhile, Hon Smith encourage affected customers to visit the local branch for assistance.
“While the Government does not directly control the bank, we understand the community's concerns. As the Minister responsible for banking, I will continue working with the FSC to ensure a swift resolution is implemented once finalised,” Hon Smith stated.
Follow Us On
12 Responses to “Deputy Premier wants swift resolution to issues affecting Republic Bank’s customers”
The outburst is beyond outrageous. These same customers did not contact the bank or the merchant when they did not see the charges 24 months ago. Now You are acting as though the bank is a criminal institution.
Question to the affected consumers
Wasn't it a legitimate charge? CASE CLOSED
government need to regulate the banks
they have to know everything about someones money in their life for them to be a customer at the bank.
even wanted to know how much my father left me when he died. said it was mandated by england and the
united states FATCA laws turbo charged by Mr Obama. Just used the witch hunt as an excuse. I spoke with
Orlando Smith about it while he was Premier. But nothing was done. Now his wife is in there and are they
ever going to sue scotiabank? know scotia not there anymore. should have gone sooner.