Business

RBC to stop cashing NIB checks of non-RBC clients

RBC Royal Bank Bahamas Limited announced this week that beginning on October 1st it will no longer cash the National Insurance Board (NIB) checks of non-RBC clients, with the bank’s Managing Director and Head of Personal Banking LaSonya Missick explaining that the decision was made in order to reduce bank lines, thereby creating a safer environment for clients and employees in the midst of the COVID-19 pandemic.

Missick said in a statement received by Guardian Business that the pandemic revealed that a significant amount of non-RBC clients were visiting the bank to cash NIB checks.

“The coronavirus pandemic has caused us to look more closely at what is driving branch traffic and what factors may be contributing to longer lines at our locations,” said Missick.

“While we are continuing to actively promote our digital, ATM and call center channels, the latest national lockdown showed us that a significant number of individuals were coming to us from other banks to cash their NIB checks.

“Our decision to stop the encashment of NIB checks for non-clients is meant to help reduce lines and create a safer environment for clients and employees. We also hope that it will introduce more persons to digital banking and other services like direct deposit – a service that NIB is currently using to deposit funds directly into the bank accounts of beneficiaries.”

RBC released an ad this week stating: “RBC Royal Bank Bahamas Limited wishes to advise that effective October 1, 2020 non-RBC clients will no longer be able to cash National Insurance Board checks at RBC branches.

“Those persons are kindly asked to visit their financial institutions to have their checks cashed. We apologize for any inconvenience this may cause.”

Missick said in her statement that if people with NIB checks in need of cashing are unbanked, they should inquire about becoming RBC clients. 

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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