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RBC to Stop Charging Customers and Refund Them for ACH Transactions

The Central Bank of Barbados wishes to advise that following discussions with RBC Royal Bank, RBC has confirmed that effective January 12, 2024, it will no longer charge its customers for transactions they make using the automated clearing house (ACH), including through the real-time payments (RTP) system. 

RBC has also indicated that it will reimburse customers who have incurred these charges since the Central Bank’s January 2, 2024 directive that no fees should be applied to such transactions. These refunds will be made no later than January 19, 2024.

“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,” revealed 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.”