Caribbean Broadcasting Corporation

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RBC to stop charging for online ACH transactions

January 10, 2024

Effective January 12, RBC Royal Bank will stop charging customers for ACH-related transaction fees.

In a release sent by the Central Bank of Barbados, it confirmed that RBC will reimburse customers who had been charged with those fees.

Customers can expect the reimbursements no later than January 19 of this year.

Acting Governor of the Central Bank, Alwyn Jordan revealed that RBC intends to comply with their directive but would need time to reconfigure their system.

The acting Governor stated that they will engage with stakeholders on the question of bank fees as it pertains to commercial banks.

Central Bank has thanked the public for their patience while the issue was being addressed and for RBC’s cooperation.

Reacting to the news is the Barbados Consumer Empowerment Network, BCEN.

CBC News spoke with Executive Director Maureen Holder, who says the news is welcomed and the regulators are working in consumers’ interest.

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