Banks cites no demand for $20 bills but some clients cry “no fair!”
NASSAU, BAHAMAS — The Royal Bank of Canada (RBC) is receiving backlash over its decision to discontinue the issuance of $20 bills at its ATMs, with many customers taking to social media to express their outrage and disapproval over the move.
The bank stated in a notice that after reviewing its clients’ banking habits at its ATMs, it found “there was not a demand for $20 bills and made the change”.
The bank recommended that for smaller purchases, its customers use their RBC debit cards at point of sale devices at retailers, restaurants and other services across the country. Although, backlash over the decision began to heat up on social media yesterday, Andrew Knowles, RBC’s senior manager, corporate communications, confirmed to Eyewitness News that the bank began implementing the move back in July.
Many customers took to social media, expressing disbelief and disapproval over the move, citing that it was “not customer friendly” particularly during the COVID-19 pandemic.
“This a lie. You know how many businesses in The Bahamas can’t break a $50 bill?” said one Twitter poster.
“Also, a lot of businesses experience their card machines being down regularly.”
Another commented: “That’s weird because typically when I go to the ATM, it’s to get cash for smaller purchases at places that have prices low enough for the banking fees associated with a debit card not to make sense.
“Additionally, ATM fees encourage a larger withdrawal for multiple purchases.”
One poster stated: “Kindly reconsider. I find it hard to believe that there wasn’t a demand for $20.
“Also, a lot of places here don’t take cards and some have [a] minimum amount on the amount you can swipe.”
Another social media poster said: “As a retail shop, we’ve noticed so many more $100 bills — very hard on us as we go through change so much faster!! And some small businesses do not like to take $100 bills.
“Not very customer-friendly, RBC!!
Dr Denotrah Archer-Cartwright, lead organizer for the local advocacy group Citizens Against Bank Exploitation (CABE), noted: “The bank makes money when you use your debit card, so it makes more profit and VAT (value-added tax) that way.”
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