Republic Bank Supports Customers Amid Covid-19

Port of Spain, Trinidad, March 19, 2020: 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 an interview with CNC3, the Bank’s Managing Director, Nigel Baptiste confirmed that all banks will continue to work together to overcome the COVID-19 crisis. He said, "We share a collective responsibility; the banks recognize our role in doing that and we are all committed to ensuring that we do what we can to ensure that Trinidad and Tobago survives this human tragedy."

The Bank has introduced the following measures which will help to alleviate the financial hardship of customers.

• Moratorium on all loans, including mortgages and HELP loans for up to 6 months, will be automatically made available upon request
• Debt restructuring will be considered on 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 fees effective March 20, 2020
  • Overdrawn account fees
  • Late fees on loan repayments
• No Penalties for early withdrawal of Certificate of Deposit accounts

• Moratorium on all loans for up to 6 months, will be automatically made available upon request
• Debt restructuring will be considered on case by case basis
• Temporary increase of overdraft and credit card limits
• Reduction in Merchant Commission fee by up to 1%
• Automatic waivers:
  • Credit Card – late fees and over limit fees effective March 20, 2020
  • Overdrawn account fees
  • Late fees on loan repayments
• No Penalties for early withdrawal of Certificate of Deposit accounts

To be eligible for the Moratorium and Automatic Waivers, customers must be in good standing with the Bank.

• Credit card interest rates to be reduced from 2% per month to 1.75% per month, effective March 21, 2020
• Prime lending rate reduced by 2.25% from 9.75% to 7.50%, effective March 23, 2020

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 Centre or their Home branch regarding any queries or challenges that may be faced. Customers may also email any queries to email@rfhl.com.

For more information, please visit: https://www.republictt.com/covid19.