RBC is addressing complaints from numerous credit card customers that duplicate or false transactions which have been recorded on their accounts.
According to several people who raised the issue on social media, the duplicate transactions were flagged and monies were returned to their accounts, however invariably the amount returned would be less than the amount withdrawn initially.
In one post to social media, a user stated, “checking my credit card online this morning and realise PriceSmart pulled $694 from my credit card and returned $683.70 today ... I did not make a purchase for this amount recently and I’m now confused how PriceSmart Trinidad have access to my RBC card ...”
The post continued, “Called the bank, and was notified that there was an error on PriceSmart systems and purchases made on the 15th August 2023 are being duplicated but the funds are being returned ... I told them but less was returned to the account and they tried to explain that it’s due to their US to TT conversion and that the rates changed and that is why I would receive less.”
While the vast majority of the transactions were traced to PriceSmart, social media users reported that most of the people affected by the anomaly appeared to be RBC credit card customers.
In response to the Guardian yesterday, the bank said,“RBC can confirm it is aware of transactions at specific business establishments on our client’s credit cards, which originated from a technical issue with the businesses’ processing bank. Kindly note this situation is not a result of fraud. We recognise that due to foreign exchange rate fluctuation, some clients may have received less funds than initially charged. We are currently reviewing to ensure that the refunds appropriately account for such rate discrepancies. This may lead to multiple entries appearing on the client’s account. RBC assures its valued clients that we are committed to resolving this matter promptly.”
Guardian Media contacted the Bankers Association of T&T on the matter but got no response late yesterday evening.