Republic Bank refunds account management charges

With all of the obstacles Republic Bank (Guyana) Limited has been faced with as a result of the upgrading of its banking system, the bank came to the consensus to reimburse the $500 account management charge that was deducted from its customers’ accounts in December.

Based on reports, the bank had made the deduction to facilitate an automatic process as a result of the upgrade in their “new Core Banking System”.
However, just recently, they were several complaints made by the bank’s customers about the company’s service fees that have been introduced along with the new banking system.
Meanwhile, the bank announced its efforts to review the innumerable service charges that came with its new platform.
Charges were made on salary deposit/processing, online transactions, and ATM withdrawal. Nevertheless, the bank has not made any final decisions on their implementations of these fee changes.
The commercial bank in 2019 indicated that it would be migrating to a new Core Banking System effective November 2.
The bank revealed that the new system will offer increased transaction efficiency and enhanced product offerings to allow them to serve its customers better.
With that being said, the Bank has promised to reimburse customers during the weekend.