– reduces interest rate on overdraft

CONSIDERING the anticipated impact of the Novel Coronavirus (COVID-19) on the local economy, Republic Bank (Guyana) Limited (RBL) has taken a decision to defer the payment of loans and has reduced the interest rate on overdrafts.

“In response to the anticipated impact as a result of the COVID-19 pandemic, Republic Bank recognises that we have a collective responsibility to ensure the sustainability of the business community, our employees, customers and ultimately the nation,” RBL said in a public notice on Monday, and that in order to bolster support to its “valued customers,” it has introduced a number of measures which took effect the very day. These measures will be for a period of six months initially, following which a review will determine whether to continue or not.

Among measures that have been taken are the reduction in overdraft interest and moratoriums on personal and mortgage loans for up to six months. The latter will be available upon request.

The Bank has also waived late fees on loan payments; late and over-the-limit fees on credit cards; penalties for early withdrawal of Certificates of Deposit; and disposable commercial depository wallet fees. There will also be a temporary increase of overdraft and credit-card limits on a case-by-case basis.

In addition to individual customers, RBL says there will also be a moratorium on loans for up to six months, for Small and Medium Enterprises (SME), commercial and corporate customers. This will also be available upon request. Debt restructuring will also be considered on a case-by-case basis for those customers.

There has also been automatic waivers on late and over-the-limit credit card fees; late fees on loan repayments; penalties for early withdrawal of Certificates of Deposit; and disposable commercial depository wallet fees.

“To be eligible for the Moratorium and Automatic Waivers, customers must be in good standing with the bank,” RBL says.

All non-cash services, including requests for moratoriums and debt restructuring can be initiated via email to gyemail@rfhl.com. Customers should include the branch at which their account is held, in the Subject of the email.

“Please note that Republic Bank will not send customers email requesting that they respond sharing any confidential banking information,” the bank said.

As the bank continues to do its part in limiting the spread of the Covid-19 pandemic and in line with the advice of the relevant authorities, the RBL has requested that customers consider minimising their visits to the branches where possible by utilizing the bank’s digital and electronic channels such as Republic Online, Republic Mobile and ATMs.

The Bank is also encouraging customers to use debit and credit cards at Point-of-Sale terminals instead of cash. Persons were also asked to avoiding banking halls if they have flu-like symptoms and instead contact the bank at 223-7938-49 or any other branch. In addition, the bank asked persons to postpone transactions if they are not urgent.

“Republic Bank wishes to urge customers to continue observing the recommended hygienic practices to help prevent the spread of the virus, and be mindful of those who may be more vulnerable around you. By observing these practices, together we can help protect ourselves, our families and communities,” it said in closing.