Sources close to Republic Bank have confirmed to News Source that the financial institution is working along with the Visa card company to probe several complaints from customers about their debit accounts.
The bank is expected to issue an official statement later today.
A number of customers have complained that they have noticed deductions from their accounts for online purchases that they did not make.
Some persons have complained of seeing deductions for various US apparel stores, netflix accounts and for other online purchases that that they did not make, including hotel bookings and travel.
One customer told News Source that she was left shocked last week when she visited an ATM site to make a withdrawal and noticed that over $50,000 was missing from her account.
The woman said she is not internet savvy and has never done any online shopping in her life and she lives alone with a young child who does not have any access to any computer.
She said she was able to file a complaint with the bank and while they questioned her in detail, she was assured that the money would have been replaced since based on the history of her account, she has never made any online purchase.
Other persons have come forward with similar stories and the incidents appear not to be limited to Republic Bank. Customers of another commercial bank, which also uses the visa debit card system, have also complained about deductions from their accounts.
“It appears as though the problem is external to Guyana”, a banking source pointed out, while another source at a commercial bank explained that in the case of Republic Bank, the probe is being handled by its headquarters and the visa company directly.
Meanwhile, the Guyana Competition and Consumers Affairs Commission has started to receive official complaints about the problem.
The Director of the Commission, Dawn Cush, said issues of complaints against financial institutions also fall under the Commission. She revealed that a number of complaints have already been received.
The Commission has indicated that complaints could be made via its website.