HAMILTON, Bermuda, CMC—The Royal Bank of Canada (RBC) has confirmed the imposition of a daily US$500 automated teller machine (ATM) withdrawal limit intended to protect customers from fraud.
In a statement, the financial institution also said 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 all our clients’ security and financial wellbeing. We adjusted the daily ATM limit for our RBC FINCO clients to keep this commitment.
“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 RBC’s mortgage subsidiary. We have proactively notified our FINCO clients about these changes,” the bank said.
In a letter dated April 2, 2024, RBC informed FINCO customers of the limits, noting that the changes were intended “to ensure your banking experience is not only convenient but also secure.”
It said clients must physically visit a branch and conduct an over-the-counter withdrawal if they need to access more than the US$500 ATM daily limit.
“At RBC FINCO, we are continually evolving to ensure your banking experience is convenient and secure. As part of these ongoing efforts, we have decided to adjust our daily ATM withdrawal limits,” said FINCO’s managing director, Deverson Warner,
“Effective Tuesday, April 2, 2024, the new daily withdrawal limit will be US$500. This adjustment is a proactive step towards enhancing the security measures safeguarding your accounts and personal information.
“While we understand this may mean a change to your banking routine, we want to assure you that this decision was made carefully to ensure your funds remain safe and protected.
“If you require a daily withdrawal amount exceeding the $500 limit, we encourage you to visit any of our branches to conduct an over-the-counter withdrawal transaction. Please note that RBC FINCO savings account holders will now enjoy four free ATM withdrawals per month,” the RBS said in its letter.
It also advised clients to “actively monitor accounts for any suspicious activity” and to be wary of sharing PIN (personal identification number) or password information with third parties.
“As part of taking care of your financial wellbeing, we encourage all clients to monitor their accounts for any suspicious activity actively. Remember never to share your PIN with a third party”.
RBC FINCO said it would never contact customers asking them to provide the bank with their PIN or password.
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