NASSAU, BAHAMAS — The Central Bank is in discussions with the Royal Bank of Canada (RBC) over its decision to discontinue the issuance of $20 bills at its ATMs.
Yesterday, Central Bank Governor John Rolle said: “That is something we are looking at in conversations with the bank. I know that sometimes ATMs for unplanned reasons do not have certain denominations but in this particular case we are looking precisely at the underpinning for that particular decision.”
As reported by Eyewitness News, the bank’s decision sparked major backlash on social media last week as many customers expressed 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 the point of sale devices at retailers, restaurants, and other services across the country. 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.
LaSonya Missick, RBC (Bahamas) managing director and head of personal banking stated that the move was a part of the bank’s efforts to steer its customers towards digital banking, amid the belief that clients are increasingly turning to electronic and digital channels to conduct regular financial services transactions.