Republic Bank’s delayed debit issue disappoints ECCB

The Eastern Caribbean Central Bank (ECCB) has recently responded to concerns raised by several customers associated with Republic Bank EC Limited (RBEC) in relation to debits on accounts that were delayed by more than a year.

This issue came to light after many customers from several eastern Caribbean islands, including Anguilla, the British Virgin Islands, St Vincent and the Grenadines, and Grenada, complained about being unexpectedly debited for outstanding transactions, some of which occurred more than a year ago.

In response to this issue, Republic Bank Limited confirmed in a media statement last week that a technical issue stemming from its conversion exercise caused the problem.

The bank assured customers that the technical issue has since been resolved.

However, the ECCB described the situation as unfortunate and disappointing and acknowledged that some of its own employees were also affected by the delayed debits.

The ECCB has been in contact with RBEC regarding the matter and indicated that the bank is working with affected customers.

The ECCB is committed to ensuring financial stability in the Eastern Caribbean Currency Union and has been liaising with RBEC to ease the impact on customers.

RBEC has committed to working with affected customers and has encouraged them to request time to settle their transactions if needed.

Moreover, if the transactions posted on their account are incorrect, customers are advised to discuss them with Republic Bank without delay.

Eastern Caribbean Central Bank is the Monetary Authority for a population of more than 600,000 people spanning six sovereign states, including Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Saint Christopher (St Kitts) and Nevis, Saint Lucia, and Saint Vincent and the Grenadines, and two overseas territories of the United Kingdom, Anguilla, and Montserrat.