(CMR) The Royal Bank of Canada (RBC) in Bermuda has imposed a US$500 daily limit on ATM withdrawals to protect customers from potential fraud.
In a statement, the financial institution also said that it was imposing a maximum of four “free” monthly ATM withdrawals per client and that this would only impact clients of the Finance Corporation of The Bahamas (FINCO).
“At RBC, our priority is safeguarding the security and financial well-being of all our clients. In line with keeping this commitment, we implemented an adjustment to the daily ATM limit for our RBC FINCO clients.
“It is important to highlight that this adjustment only affects our FINCO clients and does not apply to all our RBC clientele. RBC FINCO is the mortgage subsidiary of RBC. We have proactively made efforts to notify our FINCO clients about these changes,” the bank said.
RBC informed FINCO customers of the limits in a letter dated April 2, 2024, noting that the changes were intended “to ensure your banking experience is not only convenient but also secure.”
It said if clients need to access more than the US$500 ATM daily limit, they will now have to physically visit a branch and conduct an over-the-counter withdrawal.
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