Royal Bank, RBC, has promised to stop charging customers for electronic transfer of funds to other financial institutions and to repay those customers who were charged.

The Central Bank of Barbados had ordered a stop to the practice and in a statement today announced that following discussions with RBC, the commercial bank confirmed that effective January 12^th, this coming Friday, it will no longer charge its customers for transactions they make using the automated clearing house, including through the real-time payments system.

RBC has also indicated that it will reimburse customers who have incurred these charges since the Central Bank’s January 2^nd directive that no fees should be applied to such transactions.

These refunds will be made no later than January 19^th.