Author Topic: RBC fees - june 2015 wtf???  (Read 8440 times)

Le Barbu

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RBC fees - june 2015 wtf???
« on: March 16, 2015, 03:58:18 PM »
Are they really want me to switch for Tangerine??

Right now, all my accounts are set in the propre way to meet their "multi-products rebates" but with the new fees coming for june, I cannot see any way to achive this without headhache (read mess).

I got 900k$ at this bank (700k$ Investments and 200k$ mortgage) and they want me to quit for Tangerine and Vanguard??

Any clue???


daverobev

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Re: RBC fees - june 2015 wtf???
« Reply #1 on: March 16, 2015, 04:55:56 PM »
LOL, they will 100% waive everything for you. I'm surprised you don't have a private manager.

With that kind of money, one call and say, hey, guys, I see your new stuff coming in, I don't like it, I won't pay it, please.. just waive it, in perpetuity, else I'm gone.

If you have a mortgage and investments, and a credit card that you use every quarter (!), you should be waived anyway though?

But yeah, the big banks really are something. I still shake my head at the thought of PAYING a bank money to MAKE MONEY OFF MY MONEY. Like... what?

Current accounts are almost always free in the UK, so it's quite a thing to come to terms with.

PCF is good, as far as I'm concerned. But yeah. They'll waive the fees.

Le Barbu

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Re: RBC fees - june 2015 wtf???
« Reply #2 on: March 16, 2015, 05:12:37 PM »
daverobev, you describe what my plan is, waive or I'm gonne. I use to have a private manager but now, all of my investments are at their Direct Investing branch. Anyway, the only remaining reason for me to talk to him was for that kind of situation. I will give him a shout soon...

Heckler

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Re: RBC fees - june 2015 wtf???
« Reply #3 on: March 16, 2015, 10:16:23 PM »
"Learn More

Some of these fee changes may not apply to your situation; should you have any questions regarding these changes, or if you would like to review your current personal or business banking requirements to make sure you have the right combination of services to meet your needs, we will be happy to discuss the options that are right for you.

 Call us at 1-800-769-2511
"
Call them.


I pay no bank fees at BMO by holding $3500 in a chequing account ( zip all interest for me, but saves $13 or so per month).  Only fees on investments are $9.95 /trade with a $25k minimum balance.



Retire-Canada

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Re: RBC fees - june 2015 wtf???
« Reply #4 on: March 17, 2015, 07:40:26 AM »

I got 900k$ at this bank (700k$ Investments and 200k$ mortgage) and they want me to quit for Tangerine and Vanguard??

Any clue???

Don't worry the high fees are only for RBC's non-wealthy clients who can't afford to pay them.

For someone like you with nearly $1M liquid assets they will waive the fees, apologize for upsetting you while you sip Italian sparkling water in their offices.

Just let them know you are unhappy.

-- Vik

daverobev

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Re: RBC fees - june 2015 wtf???
« Reply #5 on: March 17, 2015, 09:41:22 AM »

I got 900k$ at this bank (700k$ Investments and 200k$ mortgage) and they want me to quit for Tangerine and Vanguard??

Any clue???

Don't worry the high fees are only for RBC's non-wealthy clients who can't afford to pay them.

For someone like you with nearly $1M liquid assets they will waive the fees, apologize for upsetting you while you sip Italian sparkling water in their offices.

Just let them know you are unhappy.

-- Vik

It's so true, though, isn't it? One thing that strikes me about Canada is that it's all about 'convenience' which makes me feel a little unwell.

Like... drive through ATMs. My eyes popped when I first heard of that! Everything is drive through! Even Tim's - and even when the line of cars is so long that yould be better off parking, going in, buying and leaving thsn waiting in your metal tank for ten minutes!

Le Barbu

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Re: RBC fees - june 2015 wtf???
« Reply #6 on: March 26, 2015, 12:37:43 PM »
After diligent verirication, only 1 of my 5 accounts will not be free anymore. It's my main account and after rebate, it will cost me 5$/month. I got a meeting coming soon with a personal manager and complain but even if 60$/year increase feels bad to me, it wont make me run away. I got other projets on the pipeline and the hassle of making any big changes does not worth it :-(

Retire-Canada

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Re: RBC fees - june 2015 wtf???
« Reply #7 on: March 26, 2015, 01:57:18 PM »
I got other projets on the pipeline and the hassle of making any big changes does not worth it :-(

Just don't say this ^^^^^^

Ask him how long it takes to transfer all your money to TD Canada Trust. ;-)

-- Vik

Le Barbu

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Re: RBC fees - june 2015 wtf???
« Reply #8 on: March 26, 2015, 05:29:00 PM »
I got other projets on the pipeline and the hassle of making any big changes does not worth it :-(

Just don't say this ^^^^^^

Ask him how long it takes to transfer all your money to TD Canada Trust. ;-)

-- Vik

Hahaha! I would never say that to them! Good line btw...

beee

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Re: RBC fees - june 2015 wtf???
« Reply #9 on: March 27, 2015, 03:29:32 PM »
Don't forget that they introduce a couple new fees. For example, every time you pay your credit card from your e-savings account, it will cost you $3 of $5 per transaction (I don't remember exact fee). I have automatic payment program set up from my savings account.

I was a bit disappointed with RBC:
1) Credit card: found a card with 4% groceries/gas, 2% recurring payments and 1% everything else cashback VS rbc's 2% cashback on groceries and 1% on everything else.
2) Chequing account: Tangerine (you can use scotiabank atms, if you ever need them)
3) Brokerage: Questrade with FREE ETF buys and $5 comissions VS rbc's $10 comissions. I have $25 tfsa at RBC, to qualify for multi-product rebate :)

So, these recent changes made me realize that there's no reason to keep my chequing account with RBC.

My topic about tangerine and scotiabank credit card promo offers:
http://forum.mrmoneymustache.com/share-your-badassity/hacking-the-system-(canada)/
« Last Edit: March 27, 2015, 03:34:29 PM by ildar »

Le Barbu

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Re: RBC fees - june 2015 wtf???
« Reply #10 on: March 27, 2015, 08:25:20 PM »
Realy helpfull idar, I will explore these options and keep you updated!

scottydog

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Re: RBC fees - june 2015 wtf???
« Reply #11 on: April 08, 2015, 04:00:55 PM »
Arghhh...  I got my RBC fee change notice in the mail today.

I just switched to RBC from TD because I was annoyed about TD changing their account fees on me.  I liked the RBC children's accounts because they were linked to my card so I could see them online, and that's probably the best way to make my kids aware of their bank accounts.

It turns out that Tangerine has children's accounts too, so I'll probably switch to Tangerine and Questrade.

My Own Advisor

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Re: RBC fees - june 2015 wtf???
« Reply #12 on: April 08, 2015, 04:30:48 PM »
Happy to be a bank shareholder :)

Kidding aside, all fees are negotiable with a decent-sized book. You'll have to ask for it.

Retire-Canada

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Re: RBC fees - june 2015 wtf???
« Reply #13 on: April 09, 2015, 09:27:55 AM »
I just rec'd a rate increase from TD on my LOC. Made me pissed off enough to start transferring my accounts to Tangerine.

-- Vik

dycker1978

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Re: RBC fees - june 2015 wtf???
« Reply #14 on: April 09, 2015, 10:34:48 AM »
I deal with the local credit union, because of the fee upgrade at TD.  No fee checking account and a local bank.  I live it.

Heckler

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Re: RBC fees - june 2015 wtf???
« Reply #15 on: May 24, 2015, 01:11:17 AM »
Looks like customer outrage can affect a big bank!


Social media is amazing.

http://www.cbc.ca/m/news/topstories/royal-bank-backs-down-on-fees-for-credit-card-mortgage-payments-1.3083915

fb132

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Re: RBC fees - june 2015 wtf???
« Reply #16 on: May 24, 2015, 05:54:24 AM »
I am with RBC and I also opened up an account with Tangerine because RBC has a tendancy to create new regulations every year in order for me to pay more, so I figured if it comes to the point that I get fed up with them, at least I can switch over to Tangerine and close the RBC accounts.

Al1961

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Re: RBC fees - june 2015 wtf???
« Reply #17 on: May 24, 2015, 09:26:33 AM »

I got 900k$ at this bank (700k$ Investments and 200k$ mortgage) and they want me to quit for Tangerine and Vanguard??

Any clue???

Don't worry the high fees are only for RBC's non-wealthy clients who can't afford to pay them.

For someone like you with nearly $1M liquid assets they will waive the fees, apologize for upsetting you while you sip Italian sparkling water in their offices.

Just let them know you are unhappy.

-- Vik

And, all sarcasm aside....this is pretty much true.

We have just over $1 million at TD Canada Trust, no bill payment fees, no monthly fees, no charge safety deposit box, no fee cash back travel reward card, and they just lowered the interest rate on our HELOC (unused).

We occasionally pay small transaction fees for non TD ABM transactions and to transfer funds to DS for university costs, but that's it.

Now, we do have to keep several thousand in a current account, but it's part of the emergency fund, and the waived fees are ~3% of that account balance, not counting the cash back or avoided transaction fees.

Al

martin

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Re: RBC fees - june 2015 wtf???
« Reply #18 on: May 24, 2015, 10:27:38 AM »
The $4 fee is really clever, if you go into the branch and make a fuss they will be terribly apologetic about you being such a valued customer and waive the fee.   You then leave feeling happy - and don't remember the 2.5% they are charging on your RRSP/TFSA

Just moved almost everything to Tangerine/Quest

Le Barbu

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Re: RBC fees - june 2015 wtf???
« Reply #19 on: May 25, 2015, 11:36:08 AM »
The $4 fee is really clever, if you go into the branch and make a fuss they will be terribly apologetic about you being such a valued customer and waive the fee.  You then leave feeling happy - and don't remember the 2.5% they are charging on your RRSP/TFSA

Just moved almost everything to Tangerine/Quest

@Martin, our  RRSPs are 65%VTI and 35%VXUS and RESP/TFSAs are 100%ZCN. I split assets this way to avoid most of taxes and fees (transactions + MER). I make about 6 trades/year over 4 accounts. My overall MER are 0.08% (550$/700k$) and splitted over Vanguard and BMO ETFs. I use to pay +/- 2% for RBC mutual funds but that was long before I turned Mustachian. Now, I get uspset by a 5,95$/month fee, times change!

The Fake Cheap

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Re: RBC fees - june 2015 wtf???
« Reply #20 on: May 25, 2015, 06:24:03 PM »
That is the thing with all the big banks.  You can change banks all you want, but that doesn't mean your new bank won't introduce similar or other new fees in the future as well.  Most of my stuff is with one bank.  That way I always have a carrot I can dangle in front of them if they try to reinstate my fees, and to get better rates.   I don't have anywhere near 1M or even 500K in investments/mortgage with my bank, but they haven't charged me monthly fees in years.  If they change their mind, I'll go to Tangerine or PCF.

ontario74

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Re: RBC fees - june 2015 wtf???
« Reply #21 on: May 26, 2015, 10:10:27 AM »
Leaving RBC as of June 13.

I've switched everything over to another bank that has been fantastic. Some savings on monthly fees (from 15$ at RBC to 9$ at new bank). Just not happy with RBC overall, although I'm keeping my rewards Visa.

scottydog

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Re: RBC fees - june 2015 wtf???
« Reply #22 on: May 27, 2015, 09:57:41 AM »
Looks like customer outrage can affect a big bank!

Social media is amazing.

http://www.cbc.ca/m/news/topstories/royal-bank-backs-down-on-fees-for-credit-card-mortgage-payments-1.3083915

It's too little and too late for me.  I've moved to Questrade and Tangerine now.  Luckily closing my RBC accounts was actually pretty easy.