Wednesday 11 December, 2019

RBC reassures customers after threats to close accounts

Some citizens are threatening to close their accounts after RBC Royal Bank announced an increase in fees, saying the increase is unfair.

The bank previously increased fees in May 2016 and has announced that it will again increase certain fees from March 27, 2017.

Some of the new fees include a 0.25 percent charge on all international credit card purchases, deposit fees and new fees for paper statements. 

Citizens took to social media on Tuesday, threatening to close their accounts.

 “With prices like these it's best you keep your money between your mattress!”

“Having to pay to deposit money is madness!”

“They r raising the price of their services while the quality of their services is on a constant decline (sic)”

“Why would they want to raise fees in recession times?”

“Ridiculous..they make a ton of money from your money then charge these ridiculous amount to use their services...they will sick (suck) u dry if u have small amounts (sic)”

“People need to take out their money”

“I will be switching banks for sure”

“I would be going to another bank Royal”

“Stink I moving out month end (sic)”

“These prices are so ridiculous. Definitely closing my acct with them. I can see this is a bad move and it doesn't look promising for them hmmm. I hope they reconsider and find other options (sic)”

“All RBC customers should move their funds elsewhere. You will see how fast they drop those ridiculous fees.”

However, Nicole Duke-Westfield, Media Relations Senior Manager, said the fee increases are the result of increased business costs and that the company continues to aim to provide value for its customers.

A statement from the company is as follows:

“RBC remains committed to building a strong and sustainable business for the future.”

“The provision of competitive and effective products and services for our valued clients is central to commitment.”

“We regularly review our products, services and channels to look for ways to be more innovative and competitive.”

“We believe these changes are directly aligned our efforts to become accessible, multi-channel financial services institution that offers exceptional value to our clients.”

“Occasionally, we also need to adjust fees to reflect the increasing cost of doing business.”

“As part of this year’s review, RBC is adjusting the pricing structure for some of our Personal and Business products.”

“We understand that any change to pricing and fees is a sensitive topic for clients, and we work hard to ensure that changes are aligned to economic and competitive realities in the market. 

“RBC has made fee and service charge adjustments to some of our Personal and Business Products and Services including some In-branch transactions on Personal Accounts.”

“We have also made a significant digital enhancement to our offering by making account information readily available to our clients, free of charge, through Statement 24/7 – whenever clients need it:

  • No more looking for that misplaced statement: for up to 18 months, account information is available anywhere clients can access their online service – from the cafe, the living room, visiting the family, or on the commute home – wherever and whenever they need it.
  • Environmentally friendly: the eStatement reduces overall energy and resource consumption.

“We will continue to deliver value and competitive pricing, and encourage our clients to call us or visit their branch to meet with their financial advisor to ensure they are taking advantage of the banking options and advice that best meet their needs.”

For a detailed comparison of major bank fees and charges, see the Central Bank's data here: http://bit.ly/2kHqmXo 

 

Related: 

RBC Royal Bank increases fees again  

T&T bank fees compared 

 

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