Republic Bank has announced a range of new banking fees and rate increases which will affect both personal and business customers.

The updated fees include changes to cash deposits, credit card rates, transaction fees, and other services.

In a statement released Thursday, the Bank claims the adjustments are designed to better align its services with the costs of operations and technology upgrades.

For those making cash deposits, the over-the-counter cash processing fee will now apply to deposits over $5,000. Customers will pay $1.73 for each additional $1,000 over that amount.

Additionally, businesses making large cash withdrawals of $50,000 or more will face a new fee of 0.5%.

Meanwhile, account holders who close their accounts within six months of opening will incur fees of $57.50 if closed within three months and $46 if closed within six months.

Credit card users will also see changes to annual membership fees.

Visa Classic cardholders will pay an annual fee of $40, while Visa Gold cardholders face a fee of $60. Business Visa card fees will increase to $100 per year.

Mastercard customers will encounter similar hikes, with the Standard Mastercard annual fee rising to $119.03, while the Gold Mastercard fee increases to $251.28.

Other credit card fees include a minimum charge of $40.25 for going over the card limit, in addition to a late payment fee.

Additional service fees now include a $5 charge per direct debit request, a $2 cheque handling fee, and a $1.15 charge for depositing cheques from other banks.

Personal accounts that request written transfers from one account to another will now face a $46 fee per request. Requests to review ATM camera footage will cost $189.75, covering the operational and administrative expenses involved.

Republic Bank claims the new fees reflect broader industry trends aimed at managing operational expenses while investing in digital and in-branch improvements.