In the wake of a series of thefts outside of Automatic Teller Machines (ATMs), Republic Bank has raised it’s point of sales and e-commerce transaction limits for customers.
In a notice to customers last week, the bank confirmed it had increased the limit for these transactions from $10,000 to $50,000.
The notice to customers, which was sent last Friday stated, “To facilitate greater access to your funds with your Republic Bank Visa debit card, the daily transaction limit for Point of Sale (POS) and e-commerce transactions, cumulatively, has increased from $10,000 to $50,000.
“This means that transactions done at Point of Sale terminals and via e-commerce, when added, can be as high as $50,000. For example, if a POS transaction is $10,000, then an e-commerce transaction can be as high as $40,000 and vice versa.”
However the bank said the current withdrawal limit would remain at $5,000.
Despite the change, the bank still encouraged greater use of online banking.
RBL said, “With the increase of the daily transaction limit, we encourage you to sign up for online banking, if you do not already avail of this service, to ensure that you receive alerts every time your card is used at an ATM, Point of Sale or online.”
The announcement came just over a week after two more ATM robberies were reported, with $600,000 being reportedly stolen from outside of an RBC ATM in St James on Friday, while an undisclosed sum was stolen from an ATM in Penal last week Tuesday.
In a news release on July 13, the Bankers Association of Trinidad and Tobago (BATT), acknowledged with great concern the increased risk being faced by clients before and after they visit our branches and ATMs. The increase in criminal activity is of as much concern to BATT as it is for their valued clients, said the association, which groups the country’s commercial banks.
“In an effort to combat the uptick in these criminal activities, BATT has strengthened its co-ordination effort among all banks; broadened the interaction with the Trinidad and Tobago Police Service; and is finalising a partnership with Crime Stoppers Trinidad and Tobago Ltd with a view to mitigating and or managing incidents of this nature collectively and expeditiously,” said BATT.
The association also assured its clients that their safety remained a primary concern of BATT “and while we encourage clients to make greater use of our non-cash service options, we are committed to doing what we can to provide a safe environment for clients who choose to avail of our cash services”.
In a police press conference on July 2, it was confirmed that more than $580,000 was stolen in 18 incidents up to that point of 2023 this year, while $509,245 was stolen in 25 incidents for 2022.
During that briefing, it was confirmed that in ten separate incidents, people were robbed of $50,000 or more.
