Republic Bank resolves ‘technical issue’ affecting timely debiting of accounts - says it continues to support customers to resolve concerns

ROAD TOWN, Tortola, VI- Republic Bank has 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 dated May 2, 2024.

‘Thorough verification exercise’

Against this background, the Bank said it went through a thorough verification exercise, which involved careful identification of customer transactions.

“Given the volume of transactions, it was necessary for the Bank to take the requisite time to meticulously validate the transactions and to develop personalised communication to each impacted customer, listing the relevant transactions to allow for a fully transparent approach.”

Payment plan available

Republic Bank thanked its customers for their continued patience and understanding and noted that it is 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.