RBC Royal Bank, the lone commercial bank that was charging customers for transactions done via the automated clearing house (ACH), will cease doing so and also refund those who have been charged.
This follows discussions with the Central Bank of Barbados, the regulator, who last week indicated that banks were instructed not to charge for ACH transactions, including those through the real-time payments (RTP) system.
Refunds from the period January 2 when the directive was issued, should be credited to accounts by January 19.
“We have been engaging with RBC for the past week, and they have indicated that while they intend to comply with our instructions, they need some time to reconfigure their system,” said Alwyn Jordan, acting Governor of the Central Bank.
“They have also committed to reversing the ACH-related transaction charges their clients incurred from January 2, 2024 until the end of the reconfiguration period, so that they are not disadvantaged by the delay.”
The acting Governor also disclosed that the Bank has indicated to commercial banks that it will engage with stakeholders on the question of bank fees and charges.
“We thank the public for their patience over the past few days as we sought to address the issue. We also thank RBC for their cooperation in resolving this matter. The Central Bank continues to enjoy a collaborative relationship with all financial institutions.” (PR/SAT)
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