Yesterday I got a letter from RBC, delivered by UPS, stating they were terminating my banking relationship!
I have had my RBC chequing account for 34 years - it always has a positive balance.
I have a line of credit that I've had for about 20 years.
I have their top of the line visa that I have had for 22 years, with a credit limit RBC has increased from time to time, and often asks me if I want to increase even more (I decline because I don't need a higher limit)
I've never missed a payment anywhere. I pay my line of credit down to zero roughly every month. I pay my visa statement in full every month.
I'm not involved with any illegal, or high risk activity (gambling etc), or associated with those that are. I've never been arrested for anything. Last legal issue I had was a speeding ticket 30 years ago.
I'm a home owner, and small business owner.
I do my business banking and have my mortgage with a credit union. I use a third bank for my investments.
I have a very high credit score.
As you can see, I'm a very low risk, long term RBC client. There are probably not many clients that have been with RBC longer, and who are lower risk that myself.
Out of the blue, I got a form letter from RBC with the subject line 'Termination of Banking Relationship'
There is no irregular activity on my account (ie my identity hasn't been stolen).
I've never had any arguments with any RBC employees.
They are closing my chequing account, visa and line of credit (one month notice for my chequing account and visa, and 5 days for my line of credit)
As far as I can tell, the reason is because my income is deposited into a credit union, which does not have an electronic banking connection with RBC. ie, I can't transfer funds to RBC from my credit union electronically.
The Credit union and RBC branches I use are located close to each other in the same Shopping Mall. To pay down my visa and/or line of credit, I withdraw cash from the credit union and walk it over the RBC where I deposit it.
I always get large bills, $100's or $50's if they must. (ie I'm not depositing rolls of $20's that smell like drugs!)
I've been doing this for years. When I make the deposit, I always have the credit union withdraw receipt with me and clearly visible to the RBC teller. The RBC tellers know exactly where the cash comes from, and why I'm depositing it.
I'm not talking about huge amounts of cash either.
I use my chequing account, visa and line of credit for normal household expenses. Utilities, food, fuel, consumer purchases, insurance, all that sort of regular stuff.
You might ask, why don't you use a cheque. The main reason is because RBC holds cheques until they clear, and I don't want to be in a position where I miss a visa payment date because RBC doesn't clear my cheque in time.
You may also ask, why don't you use a bank draft? The answer is because they cost $10 each.
I use Canadian Currency. This is the currency of our land. I don't have to pay to withdraw it, and I don't have to wait for it to clear when I deposit it.
The reason we have a currency is to allow citizens to pay for things.
It seems that in October 2018, depositing Canadian Currency into an RBC account, will cause RBC to terminate all your banking accounts.
It also means that RBC's risk management process is seriously flawed.
I'm a proven, long term, very low risk client. By removing me from their portfolio of clients, their bank becomes more risky, not less.
Banks are inherently risky. When a risk management process makes a bank more risky, then you have a serious problem.
If you are a client of the Royal Bank of Canada, I encourage you to consider the above.
If you are not a client of the Royal Bank of Canada, but you are thinking of moving funds there because of some deal or offer RBC is advertising, then consider the above as part of your decision.
(I recently linked my PetroCanada petropoints card with my RBC visa because of the discount that gives on fuel at petrocanada. I thought it was a great thing, until this happened!
If you are a shareholder of RBC, consider their obviously flawed risk management process, when you decide how safe your investment is.471
I have had my RBC chequing account for 34 years - it always has a positive balance.
I have a line of credit that I've had for about 20 years.
I have their top of the line visa that I have had for 22 years, with a credit limit RBC has increased from time to time, and often asks me if I want to increase even more (I decline because I don't need a higher limit)
I've never missed a payment anywhere. I pay my line of credit down to zero roughly every month. I pay my visa statement in full every month.
I'm not involved with any illegal, or high risk activity (gambling etc), or associated with those that are. I've never been arrested for anything. Last legal issue I had was a speeding ticket 30 years ago.
I'm a home owner, and small business owner.
I do my business banking and have my mortgage with a credit union. I use a third bank for my investments.
I have a very high credit score.
As you can see, I'm a very low risk, long term RBC client. There are probably not many clients that have been with RBC longer, and who are lower risk that myself.
Out of the blue, I got a form letter from RBC with the subject line 'Termination of Banking Relationship'
There is no irregular activity on my account (ie my identity hasn't been stolen).
I've never had any arguments with any RBC employees.
They are closing my chequing account, visa and line of credit (one month notice for my chequing account and visa, and 5 days for my line of credit)
As far as I can tell, the reason is because my income is deposited into a credit union, which does not have an electronic banking connection with RBC. ie, I can't transfer funds to RBC from my credit union electronically.
The Credit union and RBC branches I use are located close to each other in the same Shopping Mall. To pay down my visa and/or line of credit, I withdraw cash from the credit union and walk it over the RBC where I deposit it.
I always get large bills, $100's or $50's if they must. (ie I'm not depositing rolls of $20's that smell like drugs!)
I've been doing this for years. When I make the deposit, I always have the credit union withdraw receipt with me and clearly visible to the RBC teller. The RBC tellers know exactly where the cash comes from, and why I'm depositing it.
Wells Fargo View My Accounts Sign In
Apparently depositing cash at an RBC will get your accounts closed!I'm not talking about huge amounts of cash either.
I use my chequing account, visa and line of credit for normal household expenses. Utilities, food, fuel, consumer purchases, insurance, all that sort of regular stuff.
You might ask, why don't you use a cheque. The main reason is because RBC holds cheques until they clear, and I don't want to be in a position where I miss a visa payment date because RBC doesn't clear my cheque in time.
You may also ask, why don't you use a bank draft? The answer is because they cost $10 each.
I use Canadian Currency. This is the currency of our land. I don't have to pay to withdraw it, and I don't have to wait for it to clear when I deposit it.
The reason we have a currency is to allow citizens to pay for things.
Rbc My Accounts Sign In My Account
I get Canadian currency from one financial institution, so I know its not counterfeit etc, and I deposit it into another asap.It seems that in October 2018, depositing Canadian Currency into an RBC account, will cause RBC to terminate all your banking accounts.
It also means that RBC's risk management process is seriously flawed.
I'm a proven, long term, very low risk client. By removing me from their portfolio of clients, their bank becomes more risky, not less.
Banks are inherently risky. When a risk management process makes a bank more risky, then you have a serious problem.
If you are a client of the Royal Bank of Canada, I encourage you to consider the above.
If you are not a client of the Royal Bank of Canada, but you are thinking of moving funds there because of some deal or offer RBC is advertising, then consider the above as part of your decision.
(I recently linked my PetroCanada petropoints card with my RBC visa because of the discount that gives on fuel at petrocanada. I thought it was a great thing, until this happened!
If you are a shareholder of RBC, consider their obviously flawed risk management process, when you decide how safe your investment is.
SHOP. EARN. SAVE. TRAVEL. Do more on the go with your RBC Rewards® points.
INTRODUCING A NEW TRAVEL EXPERIENCE
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FIND THE REWARDS YOU WANT
Redeem points for gift cards or browse a variety of items from Apple, Best Buy and our RBC Rewards Merchandise catalogue. Get product recommendations based on what you’ve browsed and what’s popular. “Favourite” items as goals and track your progress towards them.
GET IT SOONER
Can’t wait for the latest Apple or Best Buy items? Use a combination of points and cash to get it sooner. Plus, earn points faster when you use your RBC Rewards credit card for everyday shopping.
SAVE MONEY AND EARN BONUS POINTS
Now, you can enjoy exclusive offers to earn bonus RBC Rewards points and save money on shopping, travel, dining and more.
NOT AN RBC REWARDS CARDHOLDER?
As an RBC debit card or non-RBC Rewards credit cardholder, you can now save money through exclusive offers on travel, dining and more with your favourite brands.
TRAVEL BOOKING MADE EASY
Book flights and hotels on the go directly from the RBC Rewards app. Enjoy more destinations and travel options in a redesigned experience to make planning your trip with RBC Rewards smoother than ever.
WANT MORE?
Tell us how we can make the RBC Rewards app work better for you!
Here’s how we keep you safe:
SECURITY
Rest easy knowing that you’re protected from unauthorized transactions** in the RBC Rewards® app by the RBC Online Security Guarantee.
PRIVACY
The RBC Rewards app might need to access device services for certain features. For a full list of the features, check out http://www.rbcroyalbank.com/mobile/permissions/rewards-iOS.html.
For help removing the RBC Rewards app from your device, there are instructions at http://www.rbcroyalbank.com/mobile/permissions/rewards-iOS.html.
You can get more information about RBC digital channel privacy at http://www.rbc.com/privacysecurity/ca/online-privacy.html.
Contact information for RBC Royal Bank is available at https://www.rbcroyalbank.com/customer-service/index.html?lob=mobile.
LEGAL
When you select to install the RBC Rewards app, you’re consenting to any future updates or upgrades. Depending on your device, operating system or user-initiated settings, these might be automatically installed. You’re able to withdraw your consent by uninstalling the RBC Rewards app from your device.
If you download the RBC Rewards app, you must review, and are subject to, the terms & conditions found under the Legal link on www.rbc.com, as well as the Electronic Access Agreement, as applicable.
* The RBC Rewards app is operated by Royal Bank of Canada.
** For a definition of an unauthorized transaction & for full details regarding the protections and limitations of the RBC Online Security Guarantee, please see your account &/or online agreements with the applicable entity. The guarantees are given by Royal Bank of Canada, in connection with its respective online services.
®/™ Trademarks of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.
‡All other trademarks are the property of their respective owner(s).
INTRODUCING A NEW TRAVEL EXPERIENCE
With our latest update, you’ll enjoy a brand new travel booking experience designed with you in mind.
TRACK YOUR POINTS ACTIVITY
Quickly view the Available Points you can use now and how many Pending Points you may have earned with your recent purchases.
FIND THE REWARDS YOU WANT
Redeem points for gift cards or browse a variety of items from Apple, Best Buy and our RBC Rewards Merchandise catalogue. Get product recommendations based on what you’ve browsed and what’s popular. “Favourite” items as goals and track your progress towards them.
GET IT SOONER
Can’t wait for the latest Apple or Best Buy items? Use a combination of points and cash to get it sooner. Plus, earn points faster when you use your RBC Rewards credit card for everyday shopping.
SAVE MONEY AND EARN BONUS POINTS
Now, you can enjoy exclusive offers to earn bonus RBC Rewards points and save money on shopping, travel, dining and more.
NOT AN RBC REWARDS CARDHOLDER?
As an RBC debit card or non-RBC Rewards credit cardholder, you can now save money through exclusive offers on travel, dining and more with your favourite brands.
TRAVEL BOOKING MADE EASY
Book flights and hotels on the go directly from the RBC Rewards app. Enjoy more destinations and travel options in a redesigned experience to make planning your trip with RBC Rewards smoother than ever.
WANT MORE?
Tell us how we can make the RBC Rewards app work better for you!
Here’s how we keep you safe:
SECURITY
Rest easy knowing that you’re protected from unauthorized transactions** in the RBC Rewards® app by the RBC Online Security Guarantee.
PRIVACY
The RBC Rewards app might need to access device services for certain features. For a full list of the features, check out http://www.rbcroyalbank.com/mobile/permissions/rewards-iOS.html.
For help removing the RBC Rewards app from your device, there are instructions at http://www.rbcroyalbank.com/mobile/permissions/rewards-iOS.html.
You can get more information about RBC digital channel privacy at http://www.rbc.com/privacysecurity/ca/online-privacy.html.
Contact information for RBC Royal Bank is available at https://www.rbcroyalbank.com/customer-service/index.html?lob=mobile.
LEGAL
When you select to install the RBC Rewards app, you’re consenting to any future updates or upgrades. Depending on your device, operating system or user-initiated settings, these might be automatically installed. You’re able to withdraw your consent by uninstalling the RBC Rewards app from your device.
If you download the RBC Rewards app, you must review, and are subject to, the terms & conditions found under the Legal link on www.rbc.com, as well as the Electronic Access Agreement, as applicable.
* The RBC Rewards app is operated by Royal Bank of Canada.
** For a definition of an unauthorized transaction & for full details regarding the protections and limitations of the RBC Online Security Guarantee, please see your account &/or online agreements with the applicable entity. The guarantees are given by Royal Bank of Canada, in connection with its respective online services.
®/™ Trademarks of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.
‡All other trademarks are the property of their respective owner(s).
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