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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