Bermuda: RBC imposes new ATM withdrawal limit

HAMILTON, Bermuda, CMC – The Royal Bank of Canada (RBC) has confirmed the imposition of a US$500 daily automated teller machine (ATM) withdrawal limit saying it is intended to protect customers from fraud.

In a statement, the financial institution aid also that it was imposing a maximum of four “free” monthly ATM withdrawals per client and that this would only impact clients of the Finance Corporation of The Bahamas (FINCO).

“At RBC, our priority is safeguarding the security and financial well-being of all our clients. In line with keeping this commitment, we implemented an adjustment to the daily ATM limit for our RBC FINCO clients.

“It is important to highlight that this adjustment only affects our FINCO clients and does not apply to all our RBC clientele. RBC FINCO is the mortgage subsidiary of RBC. We have proactively made efforts to notify our FINCO clients about these changes,” the bank said.

RBC had in a letter dated April 2, 2024, informed FINCO customers of the limits noting that the changes were intended “to ensure your banking experience is not only convenient but also secure”.

It said if clients need to access more than the US$500 ATM daily limit, they will now have to physically visit a branch and conduct an over-the-counter withdrawal.

“At RBC FINCO, we are continually evolving to ensure your banking experience is not only convenient but also secure. As part of these ongoing efforts, we have decided to adjust our daily ATM withdrawal limits,” said FINCO’s managing director, Deverson Warner.

“Effective Tuesday, April 2, 2024, the new daily withdrawal limit will be set at US$500. This adjustment is a proactive step towards enhancing the security measures that safeguard your accounts and personal information.

“While we understand this may mean a change to your banking routine, we want to assure you that this decision was made with careful consideration to ensure that your funds remain safe and protected.

“If you require a daily withdrawal amount exceeding the $500 limit, we encourage you to come visit any of our branches to conduct an over-the-counter withdrawal transaction. Please note that RBC FINCO savings account holders will now enjoy four free ATM withdrawals per month,” the RBS said in its letter.

It also advised clients to “actively monitor accounts for any suspicious activity” and to be wary of sharing PIN (personal identification number) or password information with third parties.

“As part of taking care of your financial well-being, we encourage all clients to actively monitor their accounts for any suspicious activity. Please remember that you should never share your PIN with a third party”.

RBC FINCO said it would never reach out to customers asking them to provide the bank with their PIN or password.

“If you notice any transactions that seem unfamiliar, or if you suspect any fraudulent activity please contact us immediately,” the RBC said.

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