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Deputy Premier wants swift resolution to issues affecting Republic Bank’s customers

Deputy Premier and Minister for Financial Services, Labour and Trade Hon Lorna G. Smith, OBE has has called for a swift resolution to debiting issues affecting some customers of Republic Bank (BVI) Limited. Photo: VINO/File
Republic Bank in a statement on May 2, 2024, 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. Photo: Republic Bank
Republic Bank in a statement on May 2, 2024, 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. Photo: Republic Bank
ROAD TOWN, Tortola, VI- Deputy Premier and Minister for Financial Services, Labour and Trade Hon Lorna G. Smith, OBE has said the Government of the [British] Virgin Islands is aware of recent developments at Republic Bank (BVI) Limited, which resulted in the withdrawal of funds from several customer accounts.

According to Hon Smith, these withdrawals stemmed from the bank's delayed completion of processing for approved point-of-sale and e-commerce transactions where customers had already received the authorised goods or services.

“Following public concerns, I met with the Financial Services Commission (FSC), the regulatory body overseeing the bank, to discuss the situation. The FSC assures us they are working with Republic Bank (BVI) Limited to find solutions. Affected customers can expect further communication from the bank outlining steps to address the issue,” Hon Smith disclosed in a statement this morning, Monday, May 13, 2024.

Customers voice complaints on social media

Customers of the bank took to social media over the past weeks alleging that the bank had debited from their accounts without notifying them. They also said some of the deductions were pertaining to transactions they thought had been dealt with up to two years ago.

The irate customers had also called on the Financial Services Commission (FSC) to get involved.

Republic Bank in a statement on May 2, 2024, 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.

“We wish to assure customers that this technical issue has been resolved,” Republic Bank stated in a press release.

Republic Bank has also said it was prepared to continue working closely with customers to resolve their concerns in a satisfactory and timely manner, including providing an option for payment plans to assist them during this time.

Hon Smith wants ‘swift resolution’

Meanwhile, Hon Smith encourage affected customers to visit the local branch for assistance.

“While the Government does not directly control the bank, we understand the community's concerns. As the Minister responsible for banking, I will continue working with the FSC to ensure a swift resolution is implemented once finalised,” Hon Smith stated.

12 Responses to “Deputy Premier wants swift resolution to issues affecting Republic Bank’s customers”

  • Yea? (13/05/2024, 10:23) Like (21) Dislike (0) Reply
    What swift resolution is she speaking of? Nobody would want a lump sum being deducted from their bank account whether justified or not as it would mess with your cash flow. But if the transactions are legitimate and not fraudulent, what recourse does anyone have? If you have a total of $2k in transactions where you benefitted from the product or service but the monies were never deducted then you obligated for that amount. If you don't pay that amount then you are a thief. I don't see what the big deal is except that some people were not paying attention to their balances vs transactions hence they got caught offguard and now cash flow affected. I can understand the frustration but to act as if the bank did something criminal is beyond me. You owe the money and they took it from your account.
    • JS (13/05/2024, 10:49) Like (12) Dislike (1) Reply
      resolution may probably be having the money deducted or paid out over a period of time instead of all at once. some people have been left with nothing or next to nothing after these deductions. sure, people should be vigilant and be monitoring their accounts but the banks should also have proper systems and monitoring in place as well so that this should not have occurred. either way try to be a little more empathetic.
      • @JS (13/05/2024, 12:07) Like (6) Dislike (2) Reply
        There is a difference between discretionary and mandatory. The bank is in the money business, not feelings business. There is nothing Government can do about this.
    • @ Yea... (13/05/2024, 13:50) Like (3) Dislike (0) Reply
      Well Thank YOU!!!!!!
      The outburst is beyond outrageous. These same customers did not contact the bank or the merchant when they did not see the charges 24 months ago. Now You are acting as though the bank is a criminal institution.

      Question to the affected consumers
      Wasn't it a legitimate charge? CASE CLOSED
    • yeah (13/05/2024, 17:39) Like (0) Dislike (0) Reply
      They never heard from the merchants about being unpaid because they never knew so who paid for their products and services??? The bank…
  • justin (13/05/2024, 11:56) Like (5) Dislike (1) Reply
    that bank and dru$ money goes hand in hand
    government need to regulate the banks
  • ex scotia customer (13/05/2024, 12:24) Like (2) Dislike (1) Reply
    so why nothing ever done about scotia banks incredible abuses? that corporation is over the top crazy.
    they have to know everything about someones money in their life for them to be a customer at the bank.
    even wanted to know how much my father left me when he died. said it was mandated by england and the
    united states FATCA laws turbo charged by Mr Obama. Just used the witch hunt as an excuse. I spoke with
    Orlando Smith about it while he was Premier. But nothing was done. Now his wife is in there and are they
    ever going to sue scotiabank? know scotia not there anymore. should have gone sooner.
  • Hon. Trickster.. (13/05/2024, 12:53) Like (5) Dislike (1) Reply
    Please stop. You cannot request of others the things you are locking and failing in...There is nothing quick about you hon. All you do is talk and promise...Service is poor all across the BVI From politicians down..Immigration takes the worst service trophy..all you get is a brush off..Will call with the info. A call that never comes..
  • rattie (13/05/2024, 17:05) Like (2) Dislike (1) Reply
    Keep the pressure on these banks Lorna you promised you will be in our corner
  • lodger (13/05/2024, 23:55) Like (0) Dislike (1) Reply
    We voting for Lorna again so some of you need to go hide with your negative narrative
  • ... (14/05/2024, 10:53) Like (0) Dislike (0) Reply
    Man go tell Banco to treat the people like human beings and not cattle or children. Anyone remember the ATM running out of cash EVERY WEEK END?! Holiday weekends got money but broke. When we want our money we want it now. Im not even feeling banks anymore seriously... BUT republic has good service & never long line I cant lie on it.
  • Banking bank (15/05/2024, 07:29) Like (1) Dislike (1) Reply
    Just throw the whole bank in the trash.....


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