SCOTIABANK says it is working to complete reversals and reimbursements within 24 hours for customers who were both charged and credited using an incorrect exchange rate for some US-dollar transactions.

Scotia Group Jamaica President and CEO David Noel, in an interview yesterday with the Jamaica Observer, confirmed that “a number of customers” conducting US-dollar transactions using Jamaican-dollar accounts were impacted because an incorrect rate of $430 to US$1 was applied, instead of the correct rate of $143 to US$1.

“We are working to identify all customers who were incorrectly charged, and we are now in the process of reversing any incorrect charges. Our objective is to have all reversals completed within 24 hours,” the CEO said.

According to Noel, the error was first identified on Monday, but said only some US-dollar transactions conducted using Jamaican-dollar accounts on that day were affected.

“We have identified the source of the error and we are taking steps to ensure that we never have a recurrence. Scotiabank sincerely regrets any inconvenience caused by this error. We know customers rely on us to process their transactions accurately and we take that responsibility seriously,” Noel said.

– Abbion Robinson