Central Bank Welcomes Move By Republic Bank To HALT Increase In Fees
The Central Bank of Trinidad and Tobago is welcoming a statement issued by Republic Bank Limited (RBL), following growing public concern over its hike in certain banking fees.
In a Media Release today (Friday 8th May, 2026), the Central Bank said its intervention on the matter was minimal, and “consistent with our commitment to working alongside the banking sector. The Chairman and Board of Directors of Republic Bank considered it important to respond to the public concerns and they took the appropriate action.”
The Central Bank is also commending Republic Bank for “responding so proactively to the concerns expressed by the public and in particular, the Chairman of the Board for his very sensitive and positive handling of the matter.”
Republic Bank recently confirmed that the increases have now been paused and removed from its website while further discussions on the matter continue.
The bank admitted in its statement that customers were confused and concerned about the proposed changes and said it wanted more time to explain the announced adjustments. “At Republic Bank, we’ve been listening closely to the conversations and feedback regarding our updated service fees,” the bank stated.
The largest commercial bank in the country insisted the decision was made to “clear the air” and provide customers with a better understanding of the changes before implementation.
Among some of the proposed increases were NSF fees climbing from $34.50 to $57.50, overdraft charges jumping from $30 to $57.50 and late payment penalties on some loans doubling to as much as $100.
Republic Bank also planned to introduce new debit transaction fees on several account types and higher charges connected to paper-based services such as cheque processing and foreign currency drafts. The bank said the changes reflected the growing cost of maintaining traditional banking systems while encouraging customers to transition toward digital banking platforms.
The bank noted that fewer than 5% of customers still rely heavily on paper cheques, while most transactions are now being done through online banking, mobile apps, ATMs and point-of-sale systems.
However, the announcement led to an immediate backlash from customers who complained they were already struggling with the rising cost of living and mounting economic pressure.
More on this as it becomes available.
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