REPUBLIC BANK SUPPORTS CUSTOMERS AMID COVID-19

Republic Bank is committed to the safety, security and overall health of our staff, customers and communities. During these challenging times, we also recognize that access to financial services and financial well-being may be negatively impacted.

In light of the above, we have embarked upon a strategic plan that is aimed at bringing relief to our valued customers. As a result a number of initiatives are being activated that will seek to assist with bringing immediate financial assistance to customers.

We have introduced the following measures which will help to alleviate the financial hardship on customers.

Personal Customers

• Moratorium on all loans, including mortgages for up to 6 months, will be automatically made available upon request
• Debt restructuring will be considered on a case-by-case basis
• Temporary increase of overdraft and credit card limits
• Automatic waivers for the next 6 months on:
  • Credit card- late fees and over-limit fess, effective March 23, 2020
  • Overdrawn account fees
  • Late fees on loan repayments
• No penalties for early withdrawal of Term Deposit accounts

Corporate and Commercial customers

• Moratorium on all loans for up to 6 months, will be automatically made available upon request
• Debt restructuring will be considered on a case-by-case basis
• Temporary increase of overdraft and credit card limits
• Reduction in Merchant Commission fee by up to 0.5%
• Automatic waivers:
  • Credit card- late fees and over-limit fees, effective March 23, 2020
  • Overdrawn account fees
  • Late fees on loan repayments
• No penalties for early withdrawal of Term Deposit accounts

To be eligible for the Moratorium and Automatic Waivers, customers must be in good standing with the Bank.
At the end of the Moratorium period the loan maturity date will be extended to cater for the deferred payments.

Interest rate adjustment

Credit card interest rates to be reduced by 0.5% per month, effective March 23, 2020

Modified Opening Hours
Our banking hours will be changed as follows:
All branches (except Six Roads branch), effective March 27, 2020

• Monday to Friday- 8:00am – 3:00pm

Six Roads Branch, effective March 30, 2020

• Monday to Friday 9:30am – 4:00pm

As we all work together to overcome these challenging times, Republic Bank continues to advise its customers to limit the number of in-branch visits and utilize its digital and electronic banking channels. Customers are also encouraged to contact the Corporate and Commercial Credit Department or their Home Branch regarding any queries or challenges that may be faced. Additionally, customers may email any queries to info@republicbarbados.com