Eastern Caribbean Central Bank Responds to Unexpected Account Debits at Republic Bank EC Limited


SOURCE LOOP NEWS: The Eastern Caribbean Central Bank (ECCB) has responded to concerns regarding Republic Bank EC Limited (RBEC) in relation to debits on accounts associated with delayed charges dating back over a year.  

Last week, Republic Bank Limited in a media statement 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. It assured customers that the technical issue has since been resolved.  

The 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 unexpectedly being debited for outstanding transactions, some of which occurred more than a year ago.   

Loop News reached out to the ECCB which said it is aware of the situation, and described it as unfortunate and disappointing.  

“Some of us at ECCB are also affected,” the statement said.  

The ECCB said it has been in contact with Republic Bank EC Limited which indicated it is working with affected customers.  

“We have been liaising with RBEC to ensure it eases the impact to customers.  The RBEC has committed to working with affected customers. If you need time to settle the transactions, please request time. If the transactions posted on your account are incorrect, please discuss them with Republic without delay.” 

The Eastern Caribbean Central Bank said it remains committed to ensuring financial stability in the Eastern Caribbean Currency Union. 

The ECCB is the Monetary Authority for a population of more than 600,000 people spanning six sovereign states: 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. 

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  1. if you know u owing republic bank since year ago and you living paycheck to pay check.
    now would be a good time to tell them thanks for the funds and switch bank. you are not built to pay back a 356 + days old error.

    The ECCB and govts should now step in an enact banking laws that protects the citizens against situations that would render them unable to balance their financed in a sensible manner.
    tell me how is it that i rely on a bank and i have to be doing my own calculations even after reporting the matter to the bank many times to resolve .

  2. The Cute one is so fond of enacting new legislation to address every little problem. Let us see if he takes the initiative to penalize slovenly bank directors and compensate downtroden consumers with some long overdue legislation. Severely punish bankers whose IT systems fail to meet basic standards of service. Compensate customers for inconvenience and financial losses caused by crappy banks. When are we finally going to see depositors protected against bank failures by mandating deposit insurance guarantees which are standard throughout the civilized world?

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