News, News-buzz

Republic Bank extends Safety Net amid COVID-19

Image of Republic Bank, formerly Scotiabank, on the William Peter Boulevard, Castries.

REPUBLIC Bank is committed to the safety, security and overall health of its staff, customers and communities. During these challenging times, the Bank recognises that access to financial services and financial well-being may be negatively impacted.

The Bank’s Managing Director, Michelle Palmer-Keizer, confirmed it is working with key stakeholders including various bankers’ associations and regulatory bodies, to manage the COVID-19 crisis. She said, “We all recognise our role and the responsibility we share in supporting our customers through the challenges posed by COVID-19 and its impact. Our country managers are working tirelessly with their respective teams to ensure that our customers can continue to access critical banking services while adhering to the guidelines outlined by our public health authorities to protect their health and wellbeing.”

She added, “We are here to help. We urge our customers to reach out to us if they are experiencing challenges. We are implementing measures to help provide them with a financial safety net, should they need it.”

In this regard, the Bank has introduced the following COVID-19 Care Package to assist with improving their customers’ cash flow at this time. The package, which is available for all customers of Republic Bank (EC) Limited (Anguilla, Dominica, St Kitts and Nevis, St Lucia, St. Maarten and St. Vincent and the Grenadines), is effective from March 30, 2020 and will be offered for an initial period of six months.

COVID-19 Care Package  Personal customers
• Moratorium on all loans, including mortgages, up to a maximum of six months, will be available upon request
• Temporary increase on credit card limits on a case by case basis, upon request.
• Automatic waivers, until September 2020, on:
o ABM fees due to withdrawals from Republic Bank ABMs
o Credit card late fees and over limit fees
o Overdrawn account fees
o Late fees on loan repayments for customers who have not taken up the moratorium offer
o Penalties for early withdrawal of term deposits

COVID-19 Care Package  SME, Commercial and Corporate customers
• Moratorium on all loans, up to a maximum of six months, will be available upon request
• Facility restructuring on a case by case basis
• Temporary increase of overdraft and credit card limits on a case by case basis, upon request
• Automatic waivers, until September 2020, on:
o Credit card late fees and over limit fees
o Overdrawn account fees
o Late fees on loan repayments
o Penalties for early withdrawal of term deposits
Customers are encouraged to contact their home branch regarding any queries or challenges that may be faced.

Leave a Reply

Your email address will not be published. Required fields are marked *