Republic Bank (Guyana) Limited (RBL) has announced a series of measures including a conditional suspension of loans payments for up to six months and automatic waivers of various late fees.
These measures are aimed at mitigating the impact the novel coronavirus (COVID-19) will have on its customers.
“To be eligible for the Moratorium and Automatic Waivers, customers must be in good standing with the Bank,” RBL has specified.
The entity has acknowledged that collective responsibility is required to ensure the sustainability of the business community, employees, customers and ultimately the nation during the current crisis and announced that effective March 23, 2020 customers will benefit from these measures as a means to bolster support.
“These measures will be for a period of six months initially,” a statement on the bank’s website said.
The announced measures include a reduction in overdraft interest rates for all customers while retail and mortgage customers will upon request benefit from a moratorium on personal and mortgage loans for up to 6 months.
Debt restructuring will also be considered on a case-by-case basis as will a temporary increase of overdraft and credit card limits.
There will be automatic waivers for the next six months on credit card late fees and over limit fees, late fees on loan payments, penalties for early withdrawal of Certificates of Deposit and disposable commercial depository wallet fee.
Small and Micro Enterprises, Commercial and Corporate customers will also upon request be eligible for a moratorium on loans for up to six months while debt restructuring and the temporary increase of overdraft and credit card limits will be considered on a case by case basis.
Customers will receive automatic waivers on credit Card late fees and over limit fees, late fees on loan repayments, penalties for early withdrawal of Certificates of Deposit and disposable commercial depository wallet fee.
According to RBL all non-cash services including requests for moratoriums and debt restructuring can be initiated via email to gyemail@rfhl.com.
Customers have been asked to include the branch at which their account is held, in the Subject of the email. They have also been warned that Republic Bank will not send emails requesting any confidential banking information.
Further, in line with the urgings of the authorities around social distancing, the Bank requests that customers consider minimizing their visits to the branches where possible by utilizing the Bank’s digital and electronic channels RepublicOnline and RepublicMobile as well as Automated Teller Machines.
They have also advised using debit and credit cards at Point-of-Sale terminals instead of cash and avoiding banking halls if customers have flu-like symptoms and postponing transactions if not urgent.
