Republic Bank reaffirms that Credit Card Processing Discrepancy has been rectified

Port of Spain, Trinidad and Tobago, October 20, 2023 – Republic Bank recognises that technical challenges recently experienced with the Bank’s credit card processing system has had an unintended, negative impact on several local customers as well as a subset of our credit card merchants, including our valued partner, PriceSmart Trinidad. The Bank wishes to assure all affected cardholders that this unfortunate outcome was not as a result of any activities carried out by any of our merchants.

During the period August 14 to September 6, 2023, credit card holders of our local banking network who used their cards at this group of merchants were impacted due to their card transactions inadvertently being processed as USD transactions instead of TT dollar transactions. In a media release provided on October 17, 2023, the Bank assured the public that this issue had been rectified and that it was working closely with the local banks to ensure that all legitimately affected customers are reimbursed.

Nigel Baptiste, President and Managing Director, Republic Bank shared “While it is understandable that impacted customers are concerned about this development, the level of negative sentiment directed towards PriceSmart is regrettable since the matter was not of their making. We once again want to reassure the public that the matter was corrected and all steps have been taken to prevent re-occurrence”

The Bank once again apologizes to impacted customers, merchants, and our local Banking sector who would have faced reputational damage as a result of this error.

October 20, 2023
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